BP PLC, the oil and gas company, said Wednesday it is beginning the next stage in the process of selling its 50% stake in TNK-BP, a Russian oil company owned equally by BP and Alfa Access-Renova, after the latter company decided to exercise its right to enter a period of negotiation to purchase part or all of BP's stake.
BP PLC, the oil and gas company, said Wednesday it is beginning the next
stage in the process of selling its 50% stake in TNK-BP, a Russian oil company
owned equally by BP and Alfa Access-Renova, after the latter company decided to
exercise its right to enter a period of negotiation to purchase part or all of
BP's stake.
MAIN FACTS:
-As a result, BP will tomorrow enter into a 90-day period of "good
faith" negotiations with Alfa Access-Renova as required by the TNK-BP
shareholder agreement.
-BP is also able to and will enter into negotiations with other interested
parties in parallel for the sale of its share in TNK-BP.
-No guarantee that a transaction will take place
-BP shares closed in
London
at
445 pence valuing the company at GBP84.7 billion.
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