BP Begins Next Stage in TNK-BP Sale Process; Enters Negotiation Period

BP Begins Next Stage in TNK-BP Sale Process; Enters Negotiation Period
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Τετ, 18 Ιουλίου 2012 - 19:20
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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