BP joint venture talks stutter as protestors target AGM

Laura Miller
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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...

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