Rosneft buys other half of TNK-BP for $28 billion

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Associated Press

Posted on December 12, 2012 at 4:02 AM

Updated Wednesday, Dec 12 at 4:06 AM

MOSCOW (AP) — Rosneft has signed an agreement to purchase 50 percent in Russia's third-largest oil producer TNK-BP for $28 billion, having earlier acquired the other half from BP.

Rosneft and AAR, a consortium of Russian shareholders in TNK-BP, said in a statement on Wednesday that they struck the final deal in Munich this morning.

State-owned Rosneft previously agreed to buy 50 percent in TNK-BP from BP for $17.1 billion in cash and a 12.84 percent of its shares while securing AAR's preliminary agreement to sell its stake.

The deal struck on Wednesday finalizes Rosneft's efforts to take over TNK-BP. The sale, however, has yet to be approved by Russian anti-trust authorities next year.

Rosneft shares were up 1.1 percent in Moscow Wednesday afternoon while TNK-BP's stocks were down 0.3 percent.

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