Possible purchase of TNK-BP by Rosneft meets antitrust norms
The possible acquisition of TNK-BP by Rosneft would not break antimonopoly legislation, Energy Minister Alexander Novak told reporters Thursday.
When asked whether the planned deal would lead to a monopoly on the Russian oil market, Novak said “I don’t think so. There are BP and other shareholders, it would be a normal market structure, rather than monopoly, with a lot of competition on a large market,” he said.
Novak also said, “I believe that all the taxes (from the deal) should be paid to the Russian budget. Everything must be conducted in line with the legislation.”
On Wednesday, media reported that Russia’s Alfa-Access-Renova (AAR) is in talks to sell its 50% stake in oil company TNK-BP to Rosneft for 17 billion British pounds, or around U.S. $28 billion.
AAR and BP, which holds the remaining 50% stake in TNK-BP, have long been engaged in a conflict over strategy and BP’s failure to team up with Rosneft due to a legal challenge from AAR. Finally BP announced it wants to sell its investment, and Rosneft said it was ready to acquire the 50% stake, which analysts estimate at $25 billion.
AAR, which represents billionaires Mikhail Fridman, Leonard Blavatnik, Viktor Vekselberg, and German Khan, said it plans to float the stake or sell all or part of it to a third party if BP sells its shares to Rosneft.
A source familiar with the matter told PRIME that AAR does not plan to make an all-cash bid for BP’s entire stake.
Source: http://www.1prime.biz/