BP to sell TNK-BP stake to Rosneft in $17 billion deal

10/29/2012
BP PLC is selling its half-interest in TNK-BP to Rosneft in a transaction that will expand its stake in the buyer, an ill-fated deal with which has soured the UK company's relations with its TNK-BP partner since early last year. Under heads of terms announced Oct. 22, Rosneft will pay $17.1 billion in cash and shares representing a 12.84% interest for BP's 50% interest in TNK-BP. BP said it will buy a 5.66% stake in Rosneft for $4.8 billion cash from the Russian government, raising its ownership of the Russian company, including a small existing interest, to 19.75%. BP said it expects its net cash receipt from the deals to be $12.3 billion. If the transaction is completed, BP expects to h...
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