MOSCOW – Russian oil giant Rosneft Wednesday said it has signed an agreement with the AAR consortium of Alfa Group, Access Industries and Renova for the purchase of a 50% stake in TNK-BP for $28 billion.
Completion of the deal is expected in the first half of 2013 after receiving approvals from Russian and European Union antimonopoly regulators, the company also said.
"We consider the acquisition of TNK-BP to be strategically attractive for the shareholders of Rosneft," said Rosneft Chief Executive Igor Sechin. "The agreements signed today enable Rosneft to fully consolidate the business it is acquiring and realize significant synergies. The agreements reached put us in the position to immediately begin preparing the integration process," he added.
TNK-BP Executive Director and member of the board of Alfa Group German Khan said: "A deal of this scale has never been done in Russia. The very fact that it is taking place attests to the growing potential of Russia's economy, and reflects Russia's leading role in the global oil and gas industry."
Rosneft and AAR announced an agreement in principle on the deal in October and the sides aimed to reach a final agreement last month.
Copyright (c) 2012 Dow Jones & Company, Inc.
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