May 24, 2013

BP sale of TNK-BP to Rosneft set for green light

The BP sale of its stake in TNK-BP to Russian oil company Rosneft is set for the green light as the Financial Times has revealed it has received ‘strong support’ from BP’s board.

The transaction is reportedly worth approximately $27bn.

It is reported that BP will sell its stake in TNK-BP for a mixture of both shares and cash.

Following the news, The Telegraph is reporting that investors in BP will be ‘pushing’ for a cash payout  from any sale by BP due to the dividend stream that will be removed from the sale of TNK-BP.

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