Russian oil giant OAO Rosneft (ROSN.RS) is planning to announce as early as Tuesday that it has finalized an agreement with a group of Soviet-born billionaires to buy their 50% stake in oil venture TNK-BP (TNBP.RS) for $28 billion, according to people familiar with the matter.
Russian oil giant OAO Rosneft (ROSN.RS) is planning to announce as early
as Tuesday that it has finalized an agreement with a group of Soviet-born
billionaires to buy their 50% stake in oil venture TNK-BP (TNBP.RS) for $28
billion, according to people familiar with the matter.
Rosneft and the billionaires, known collectively as
AAR
, are
exchanging documents related to the deal and, assuming no last-minute problems
arise, an agreement could be announced Tuesday, the people said. The timing
could still slip by a day or two, they cautioned, though it appears
increasingly likely that the acquisition will take place.
AAR
is
expected to receive its payment in a lump sum when the deal closes, say people
familiar with the deal.
Rosneft and
AAR
announced an agreement in
principle to do the deal in October and the two sides aimed to reach a final
agreement last month.
In recent weeks, however, the possibility arose that no deal would be reached
because of differences between the two sides over terms. Such fears were
quelled somewhat when Rosneft's powerful Chief Executive Igor Sechin said
recently that a deal would go forward.
A deal would follow a firm agreement in October that state-controlled Rosneft
reached with BP PLC (BP) to buy the other half of the Russian oil venture in
cash and stock valued at a similar sum to the pending AAR pact. Should Rosneft
and
AAR
get their deal over the finish line, it would put
the finishing touches on one of the largest mergers in recent years, valued at
nearly $60 billion.
It also would represent the final chapter in a troubled but profitable
relationship between BP and
AAR
, who
have repeatedly clashed over governance of
Russia
's No.
3 oil company by output.
As a result of the two deals, Rosneft would gain control of around one-third of
crude output in
Russia
--the
world's largest energy producer--and cement its position as the world's largest
oil company.
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