AAR to sell its 50% interest in TNK-BP to Rosneft
MOSCOW, Oct. 22, 2012
MOSCOW, Oct. 22, 2012 /PRNewswire/ --AAR announces that it has signed Heads
of Terms (Memorandum of Understanding) to sell its 50% interest in TNK-BP Ltd.
to Rosneft for an aggregate price of US$28 billion in cash.
BP has provided a waiver of its right to hold good faith negotiations with AAR
over a 90-day period as stipulated by the TNK-BP Shareholder Agreement. The
transaction is subject to finalization of a share purchase agreement and other
customary closing conditions.
Chief Executive Officer of AAR Stan Polovets said: "We welcome the agreement
to sell our interest in TNK-BP to Rosneft, Russia's leading oil producer. This
deal provides a clear and transparent exit path for the AAR shareholders at a
fair market price that reflects the extraordinary achievements of TNK-BP over
the past decade. TNK-BP has been a remarkably successful investment for AAR,
and one of the extraordinary success stories of the Russian oil industry. I am
confident that Rosneft stands to benefit from adding these high-quality assets
to its portfolio."
Information on the parties
Founded in 1989, Alfa Group Consortium is one of Russia's largest privately
owned investment groups, with interests in oil and gas, commercial and
investment banking, asset management, insurance, retail trade,
telecommunications, water utilities, as well as special-situation investments.
The Group typically focuses on value-oriented, longer-term opportunities,
primarily in Russia and the CIS, but also invests in other markets which form
part of the Group's strategic business objectives.
About Access Industries:
Access Industries is a privately held, global industrial group with long-term
holdings worldwide. Founded by industrialist Len Blavatnik, Access' focus
spans three key sectors: natural resources and chemicals; telecommunications
and media; and real estate.
Renova Group is a leading Russian private business group that holds and
manages assets in metallurgy, oil, mining, chemical industry, real estate
development, energy, telecommunications, high-tech engineering, transport
industry, utilities and financial sectors in Russia as well as CIS,
Switzerland, Italy, South Africa and the United States. Among the Group's most
important assets are investments in TNK-BP, UC RUSAL, IES, as well as in Swiss
high-tech and industrial companies OC Oerlikon and Sulzer.
SOURCE Alfa, Access, Renova (AAR)
Contact: London: John Eisenhammer, +44 (0)20 7233 9444; Andrew Hayes/Maria
Ignatova, +44 (0)20 7796 4133, Hudson Sandler/Quiller; or Moscow: Mikhail
Loskutov, +7 (495) 663-7143, +7 (916) 641 9079; Alexander Mikhailiants, +7
(495) 663-7143, +7 (985) 410-0263; or Washington: Jeffrey Birnbaum,
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