BP PLC's board meeting to discuss Russian oil giant OAO
Rosneft's offer, said to be for about $25 billion, for the U.K. company's 50%
stake in TNK-BP started at around 1400 GMT Friday, people
familiar with the matter said.
The bid, which could set the stage for a deal that would unwind a profitable
but troublesome partnership for the British energy company, was expected to
consist of cash and Rosneft shares, people familiar with the matter said late
Thursday.
Moscow-based Rosneft is separately negotiating to buy the other half of TNK-BP, which is owned by a group of Soviet-born
billionaires known as AAR, for as much as $28 billion.
It is unclear how long the BP board will need to consider the offer. The board
could be reconvened if a decision is not reached today, people familiar with
the matter said.
There is no guarantee that either of the deals will go through.