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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Microsoft Earnings

Microsoft Earnings

Microsoft sales beat Street hopes, cloud profits up.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

U.S. Economy

U.S. Economy

Spectre of no-inflation world looms over Fed's return to normal  Full Article 

Insider Trading

Insider Trading

Rengan Rajaratnam, SEC to settle civil insider trading charge.  Full Article 

Market Watch

Market Watch

Betting on the beaten up? Investors pin hopes on stocks in Europe, Japan.  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

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