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Follow on Google News | Paradigme Consultants: TNK–BP shares benefit from BP buyout report.OAO TNK-BP Holding, the Moscow traded unit of BP Plc’s Russian venture reached a three month high after a report surfaced that BP will ask the government for permission to buy out its partners.
BP is believed to be planning to make a bid with OAO Rosneft for the 50% of TKN-BP held by four billionaires in bid to salvage a share swap and Arctic exploration deal with the Russian government owned oil company. The current market value of TNK-BP is put at over $50 billion. “Even though BP has a lot of obligations in the Gulf of Mexico, they had $19 billion in cash on the balance sheet at the end of 2010 and have more capacity through debt arrangements,” BP head Robert Dudley is fighting to save the Rosneft deal, which was announced at a January meeting with Russian Prime Minister Vladimir Putin, before the April 14 deadline when the share swap will expire. The billionaire partners in TNK-BP, led by interim CEO Mikhail Fridman, managed to get a UK court to stop the deal as it infringed the ventures shareholder agreement. Both BP and Rosneft chose not to comment on the report, as did Vladimir Putin’s spokesman, Dimitry Peskov. Recently,Paradigme Consultants understands, the arbitration committee left in place an injunction blocking the $7.8 billion share swap between the two companies. They arbiters did however grant BP permission to seek an extension to the swap agreement’s April 14 deadline. Stan Polovets, Chief Executive Officer of Access-Alfa- An offer for 50% of TNK-BP would almost certainly be the largest oil and gas deal since Exxon Mobil Corp’s $41 billion all stock purchase of XTO Energy at the end of 2009. # # # Paradigme Consultants is a world leading service provider that help provide monetary recovery from investment losses. We have helped thousands of investors by referring their specified cases and concerns to accredited firms specializing in loss recovery. End
Page Updated Last on: Apr 11, 2011
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