BP has approved sales of TNK-BP share to Rosneft for $27, The Financial Times reports.
BP will receive $11-13 billion in cash and 15-20% of Rosneft shares.
BP has 1.3% of Rosneft shares purchased via IPO in 2006. BP will receive 12.5% of shares belonging to the Rosneft Group. Conclusion of the deal will most likely grant BP one seat at the Rosneft board of directors.
The Russian company wants to have 50% of shares in TNK-BP.
Morgan Stanley, Goldman Sachs, UBS, Credit Suisse and Renaissance Capital are the 5 consulting banks of BP. Rosneft will be consulted by Merrill Lynch and Bank of America.
