Moscow, July 30 (Newswire): Rosneft and BP, which owns half of Russia's third-largest oil producer, have agreed to start negotiations, the Moscow- based company said in a statement.
BP's billionaire partners informed BP of an interest in negotiating for a stake in TNK-BP earlier this month. The fair value for BP's 50 percent stake is $23 billion, according to UBS AG.
"Rosneft is the most likely purchaser," said Stuart Joyner, an analyst at Investec Securities Ltd. in London. "I'm assuming they'll pay a decent price of about $25 billion, though the value's probably higher so Rosneft will still be getting a good deal."
TNK-BP has paid the London-based producer $19 billion in dividends since 2003 and accounts for a quarter of the company's global output. BP Chief Executive Officer Bob Dudley decided to look for a sale after fighting repeatedly with the billionaire partners who last year blocked an alliance between the British company and Rosneft.
Rosneft shares gained 1.31 percent to 200.88 rubles at 10:56 a.m. on Moscow's Micex exchange. TNK-BP Holding (TNBP) rose 1.4 percent to 79.62 rubles. BP gained 1.4 percent in London.
No Guarantee
There can be no guarantee a deal will take place, according the statement. BP informed AAR, the group representing TNK-BP's billionaire investors, on June 1 that it has received expressions of interests for its shares in TNK-BP and that it would pursue the opportunity without naming the potential buyer.
"Rosneft believes that an acquisition of BP's interest in TNK-BP would be in the interest of both Rosneft's and BP's shareholders and would lead to further development of TNK-BP," Rosneft said in the statement.
BP's billionaire partners informed BP of an interest in negotiating for a stake in TNK-BP earlier this month. The fair value for BP's 50 percent stake is $23 billion, according to UBS AG.
"Rosneft is the most likely purchaser," said Stuart Joyner, an analyst at Investec Securities Ltd. in London. "I'm assuming they'll pay a decent price of about $25 billion, though the value's probably higher so Rosneft will still be getting a good deal."
TNK-BP has paid the London-based producer $19 billion in dividends since 2003 and accounts for a quarter of the company's global output. BP Chief Executive Officer Bob Dudley decided to look for a sale after fighting repeatedly with the billionaire partners who last year blocked an alliance between the British company and Rosneft.
Rosneft shares gained 1.31 percent to 200.88 rubles at 10:56 a.m. on Moscow's Micex exchange. TNK-BP Holding (TNBP) rose 1.4 percent to 79.62 rubles. BP gained 1.4 percent in London.
No Guarantee
There can be no guarantee a deal will take place, according the statement. BP informed AAR, the group representing TNK-BP's billionaire investors, on June 1 that it has received expressions of interests for its shares in TNK-BP and that it would pursue the opportunity without naming the potential buyer.
"Rosneft believes that an acquisition of BP's interest in TNK-BP would be in the interest of both Rosneft's and BP's shareholders and would lead to further development of TNK-BP," Rosneft said in the statement.
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