UPDATE 1-Rosneft near final TNK-BP deal with tycoons - sources

Tue Dec 11, 2012 9:15pm IST

Stocks

   

* Binding deal to be signed in coming days - sources

* AAR has had rocky relations with Rosneft

MOSCOW Dec 11 (Reuters) - Russian oil group Rosneft will announce within days it has finalised a deal to buy half of domestic peer TNK-BP from AAR for $28 billion, several sources familiar with the situation said.

Rosneft and AAR declined to comment.

Last month, Rosneft head Igor Sechin said it and AAR - a consortium of four Soviet-born tycoons - should sign a binding agreement in December.

In October, Rosneft signed a memorandum of understanding to buy AAR as part of a $55 billion takeover in which it will also acquire British group BP's 50 percent stake in TNK-BP, Russia's third-largest oil company.

The BP leg of the deal, already approved at board level and by the government, should close in the first half of 2013, but a timetable for the agreement with AAR had not been outlined.

Investors have been watching the part of the deal with AAR, which represents Len Blavatnik, Mikhail Fridman, German Khan and Viktor Vekselberg, and which has had rocky relations with Rosneft.

Last year, the consortium won an injunction blocking Rosneft's attempt to tie up with BP and tap Russia's Arctic hydrocarbon riches. The deal was abandoned after an arbitration panel found it violated TNK-BP's shareholder agreement.

Last month, AAR and BP agreed to end the legal battles that had blighted their decade-old partnership, paving the way for the deal with Rosneft.

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage