Rosneft Negotiating to Take Over TNK-BP Stake

Rosneft Negotiating to Take Over TNK-BP Stake

Rosneft announced Tuesday that it has informed BP of its interest in a potential acquisition of the BP half of its Russian subsidiary TNK-BP.

BP announced at the start of June that it had received an unsolicited approach for its 50-percent stake in TNK-BP and that it intended to pursue a sale of its 50-percent stake in the business.
Rosneft said early Tuesday that both parties have now agreed to begin negotiations on the matter and have signed a non-disclosure agreement. Later on Tuesday morning, BP confirmed that the two companies are in discussions and that, while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with the Alfa Access-Renova that owns the other half of TNK-BP.
When BP first announced it was interested in selling its TNK-BP, analysts said a reasonable price for the subsidiary would be somewhere between $25 billion and $30 billion.


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