BP Rises on Report Rosneft to Buy Billionaires’ TNK-BP Stake

BP Plc rose the most in more than four months in London trading after a report that OAO Rosneft has agreed to buy half of the TNK-BP Russian venture.

BP gained as much as 4.3 percent, the most since June 1, and traded up 4 percent at 452.70 pence as of 12:08 p.m. local time. Sky reported that AAR, which represents BP’s billionaire parters in TNK-BP, and state-backed Rosneft agreed to a $28 billion deal in Moscow yesterday for AAR’s half of the venture. BP had sought bids for its own half of Russia’s third-largest oil producer after relations broke down with the billionaires.