BP joint venture talks stutter as protestors target AGM

Laura Miller
clock

BP's talks with AAR about the British oil firm buying out its Russian partner in joint venture TNK-BP "have now more-or-less collapsed", according to reports.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Trian and General Catalyst to purchase Janus Henderson for $7.4bn

Trian and General Catalyst to purchase Janus Henderson for $7.4bn

Will continue to be led by current management team

Patrick Brusnahan
clock 23 December 2025 • 2 min read
2025 reflections: How strong companies trumped politics

2025 reflections: How strong companies trumped politics

Fears of an AI market bubble persist

Ryan Hughes
clock 23 December 2025 • 3 min read
What does 2026 hold for investment?

What does 2026 hold for investment?

‘The disruptors of yesterday are now the establishment’

Jen Frost
clock 17 December 2025 • 3 min read