Russia: AAR Seeking to Acquire 100% of TNK-BP
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Wednesday, 03 October 2012 |
AAR has hired banking specialists the Rothschild Group to assist it in buying out BP’s half in TNK-BP after deciding last week that it will try to acquire all of BP’s stake in the venture, rather than just the half it originally wanted.
BP announced earlier in the year that it intends to quit the company after its relationship with AAR -- its partner in the venture – broke down over differences of opinion relating to the strategic management of the company. BP had wanted the venture to partner with Russian oil major Rosneft on an exploration venture, which was opposed by AAR.
AAR, owned by billionaires Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, will face competition from Rosneft for BP’s share, media reported in September. BP is set to begin the bidding process in mid-October, when a period of contracted good faith negotiations with AAR is set to end.
BP has said that it may use the proceeds from its sale to buy shares in Rosneft, and that the deal may see the company receive a combination of shares and cash for its stake.
PetrolWorld 03102012
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