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MENAFN - - 04/06/2012

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(MENAFN) The Russian co-owners of TNK-BP cannot block the possible sale of BP's share, reported Reuters.

In 2003, BP spent USD8 billion to buy half of TNK-BP. BP recently said that they received a possible offer of approximately USD30 billion to buy their 50 percent stake.

A spokesperson for the Russian shareholder consortium AAR said that the TNK-BP agreement thwarts BP's ability to grant any confidential information to a third party without their consent. This would make due diligence near impossible for the third party prospective buyer of BP's stake. Therefore, AAR would automatically have the right to veto the deal.

Both sides say that there are ways around the clause in the joint-venture agreement that says each stake owner has the right of first refusal to buy their partner if one decides to leave.

 






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