Sources: Russian shareholders of TNK-BP to close deal with Rosneft.

By bne IntelliNews December 12, 2012
In a matter of days Russian shareholders of country's third largest oil producer TNK-BP are going to close a binding agreement on selling 50% stake in the company to state oil major Rosneft, Bloomberg reports citing the sources close to the talks. To remind, in October Rosneft reached a preliminary agreement on acquiring a 50% stake in TNK-BP from British Petroleum and another 50% from Russian shareholders of the company AAR Alliance (Alfa group, Access Industries and Renova controlled by tycoons Mikhail Friedman, Leonard Blavatnik and Viktor Vekselberg, respectively). BP and AAR are going to get about USD 26bn and USD 28bn for their respective shares in TNK-BP. BP is going to get USD 17bn in cash and 12.84% in shares of Rosneft, intending to later consolidate the stake in Rosneft to 19.75% which would make it a second largest shareholder in the company after the state with two seats on the board. BP is getting a 12% premium to the market value of the shares that are part of the deal. AAR is going to get USD 28bn in cash for its 50% stake in TNK-BP, which makes about a 40% premium to a previously estimated market price of the stake. Igor Sechin previously commented that Rosneft is going to finance the deal by own funds, foreign borrowings and bond issues. It was later reported that Rosneft is going to carry out the USD 56bn takeover of TNK-BP is two stages: paying British Petroleum for its 50% stake by the end of H1/13 and then acquiring the rest from AAR Alliance.

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