Rosneft and AAR Consortium sign sale and purchase agreement for the 50% stake
MOSCOW, Dec. 12, 2012
MOSCOW, Dec.12, 2012 /PRNewswire/ --Rosneft and the consortium of Alfa
Group, Access Industries and Renova (AAR) today signed a sale and purchase
agreement for the 50% stake in TNK-BP. The transaction price is set on the
basis of the valuation of AAR's TNK-BP stake at $28 billion. Completion of the
deal is expected in the first half of 2013 after receiving approvals from
Russian and EU antimonopoly regulators.
Commenting on this agreement, Rosneft President Igor Sechin said: "We consider
the acquisition of TNK-BP to be strategically attractive for the shareholders
of Rosneft. The agreements signed today enable Rosneft to fully consolidate
the business it is acquiring and realize significant synergies. The agreements
reached put us in the position to immediately begin preparing the integration
Viktor Vekselberg, Chairman of the Board of Directors of Renova Group, said:
"Through this transaction, Rosneft acquires not only high-quality oil and gas
assets, but also a unique corporate culture and operating experience
accumulated by TNK-BP during the decade of the existence of our joint
venture. These will no doubt help the transformation of Russia's largest oil
company into a global leader."
TNK-BP Executive Director and member of the Board of Alfa Group German Khan
said: "A deal of this scale has never been done in Russia. The very fact that
it is taking place attests to the growing potential of Russia's economy, and
reflects Russia's leading role in the global oil and gas industry."
In an additional comment, Len Blavatnik, Chairman of Board of Directors of
Access Industries, said: "We are very proud of what we have been able to
achieve at TNK-BP during the past decade, and wish continued success to
Rosneft, which stands to benefit from adding these high-quality assets to its
SOURCE AAR Consortium
Contact: LONDON: John Eisenhammer, +44 (0)20 7233 9444 ; Andrew Hayes/Maria
Ignatova, +44 (0)20 7796 4133 -- Hudson Sandler/Quiller ; MOSCOW: Alexander
Mikhailiants, +7 (495) 663-7143, +7 (985) 410-0263 ; Mikhail Loskutov, +7
(495) 663-7143, +7 (916) 641-9079 ; WASHINGTON, D.C. - Jeff Birnbaum,
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