BP joint venture talks stutter as protestors target AGM

It comes ahead of BP's AGM later today and after the deadline for it to complete a $16bn (£10bn) share swap with Russian oil giant Rosneft was extended until 16 May. The Russian billionaire shareholders of TNK-BP have argued that the Rosneft tie-up breaks promises BP made to them. In a bid to placate AAR, BP offered to purchase its 50% holding in TNK-BP. However the BBC says "a BP source said AAR put an impossibly high valuation on TNK-BP of around $70bn, which would value the oligarchs' stake at more than $35bn". The news service reports BP was prepared, jointly with Rosneft, t...