Fingers crossed but there looks to be a slight optimism that BP might finally resolve the Rosneft tie-up and the fall-out with its Russian partners in the TNK-BP joint venture.
Various snippets over the weekend suggest that Rosneft could still agree to a new deal that includes TNK-BP and therefore the Russian Oligarch partners or, as reported on Bloomberg this morning: www.bloomberg.com: BP Said to Seek Buyout of TNK Billionaires to Save Rosneft Share-Swap Deal, BP is possibly lining up another bid to buy-out the TNK-BP joint venture.
It should still be noted that this would hinge on BP being allowed to own more than 50% of the venture as it is a non-Russian company!
Still not sure why no-one seems to be considering Rosneft to buy-out the 50% share of TNK-BP owned by the Oligarchs. Although, that would still cost Rosneft £30bn that wasn't part of the original agreement.
As it is the popular view is that the subsequent fall in BP's share price since the agreement will now cost the company around £1bn if the share swap goes ahead due to the lower valuation.
Lets hope that BP's CEO Bob Dudley stays away from the current negotiations although he seems to me to be a bit of publicity seeker for all of the wrong reasons.
BP @ 439.6P, - 2.6 ( -0.59%).
Related posts:-
- BP 2011 1st quarter results.
- BP: Gulf of Mexico Anniversary; lawsuits; and 1st quarter results due.
- BP AGM Thurs 14 Apri
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