Posted on 06/09/08
TNK-BP unit offers buyout to minority holders
Russia's TNK-BP Holding, a listed subsidiary of BP's TNK-BP joint venture with Russian billionaires, offered yesterday a buyout to minority shareholders as it prepares for a bigger share float. BP and its Russian partners signed on Thursday a memorandum ending months of disputes over the firm's management and strategy. The two sides agreed to reshuffle TNK-BP's management and proceed with an initial public offering of up to 20 per cent of a new firm, which will combine TNK-BP Holding with some other assets, including oil venture Slavneft. Yesterday, TNK-BP Holding said in a statement it would buy out shares of any holders who voted against merging TNK-BP Holding with the other companies. TNKBPP rose 0.14 Russian rubles to 1.49 rubles (6 cents)
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