facebook
twitter
rss
account
search
search
 

Russians may have IPO after TNK-BP bid

Oct. 5, 2012 at 6:18 AM   |   Comments

MOSCOW, Oct. 5 (UPI) -- The Russian side of TNK-BP, a joint venture with BP, said it may have an initial public offering if it buys the British company's stake in the entity.

Alfa Access-Renova, the entity representing the business interests of four Russian billionaires in the TNK-BP joint venture, announced last week it was planning to make an offer to buy BP's interest in the company.

TNK-BP Executive Director German Khan said an offer to BP is expected by Oct. 17. He said a "competitive" monetary value was under consideration, reports Russia news agency RIA Novosti.

"After consolidating the TNK-BP share package, AAR may with time consider various options, including an IPO or a new strategic partner," he was quoted as saying.

BP officials, including Chief Executive Officer Bob Dudley and board Chairman Carl-Henric Svanberg, met in September with Russian Vladimir Putin to discuss the company's position in Russia. Dudley served as the top official at TNK-BP before moving to the British major.

Both sides of the venture have been at odds over the direction of the company. Dudley in 2008 left his Moscow offices at TNK-BP when the Russian side expressed concern he was favoring British interests.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
3
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
4
Texas plant converts CO2 to baking soda Texas plant converts CO2 to baking soda
5
Warren Buffett loses $2 billion in 2 days on investments Warren Buffett loses $2 billion in 2 days on investments
Trending News
Around the Web
x
Feedback