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MOSCOW, October 22 (Itar-Tass) —— The state-owned oil company Rosneft confirmed on Monday, October 22, that BP, in connection with the sale of its interest in TNK-BP to Rosneft, has waived its right to negotiate in good faith to purchase the AAR consortium’s stake in TNK-BP.
“This is a step forward in the implementation of the heads of terms, announced earlier today, between Rosneft and the AAR consortium, which provides for Rosneft to acquire AAR’s 50 percent interest in TNK-BP for cash consideration of 28 billion U.S. dollars. The transaction remains subject to agreeing the definitive transaction documentation, which the parties have started preparing, as well as the required corporate and regulatory approvals and certain other conditions,” Rosneft said.
AAR also confirmed it has signed Heads of Terms (Memorandum of Understanding) to sell its 50 percent interest in TNK-BP Ltd. to Rosneft for an aggregate price of 28 billion U.S. dollars in cash.
BP has provided a waiver of its right to hold good faith negotiations with AAR over a 90-day period as stipulated by the TNK-BP Shareholder Agreement. The transaction is subject to finalization of a share purchase agreement and other customary closing conditions.
Chief Executive Officer of AAR Stan Polovets said: “We welcome the agreement to sell our interest in TNK-BP to Rosneft, Russia's leading oil producer. This deal provides a clear and transparent exit path for the AAR shareholders at a fair market price that reflects the extraordinary achievements of TNK-BP over the past decade. TNK-BP has been a remarkably successful investment for AAR, and one of the extraordinary success stories of the Russian oil industry. I am confident that Rosneft stands to benefit from adding these high-quality assets to its portfolio.”
Founded in 1989, Alfa Group Consortium is one of Russia’s largest privately owned investment groups, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, water utilities, as well as special-situation investments. The Group typically focuses on value-oriented, longer-term opportunities, primarily in Russia and the CIS, but also invests in other markets which form part of the Group’s strategic business objectives.
Access Industries is a privately held, global industrial group with long-term holdings worldwide. Founded by industrialist Len Blavatnik, Access’ focus spans three key sectors: natural resources and chemicals; telecommunications and media; and real estate.
Renova Group is a leading Russian private business group that holds and manages assets in metallurgy, oil, mining, chemical industry, real estate development, energy, telecommunications, high-tech engineering, transport industry, utilities and financial sectors in Russia as well as CIS, Switzerland, Italy, South Africa and the United States. Among the Group’s most important assets are investments in TNK-BP, UC RUSAL, IES, as well as in Swiss high-tech and industrial companies OC Oerlikon and Sulzer.