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BP May Return Half of TNK-BP Sale Proceeds, Telegraph Reports

BP Plc (BP/) plans to give back half the proceeds of a sale of its Russian joint venture TNK-BP to shareholders and keep the rest for new assets, the Sunday Telegraph said, citing one of its top 10 holders it didn’t name.

BP told leading shareholders that they may receive the payout after its June 1 announcement of its intention to sell its stake in TNK-BP, the newspaper said. Analysts have valued BP’s stake in the venture at $25 billion to $35 billion, according to the newspaper.

To contact the reporter on this story: Michelle Wiese Bockmann in London at mwiesebockma@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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