Rosneft, BP Said to Near $28 Billion Deal for TNK-BP Stake

OAO Rosneft has agreed to the terms of a deal to buy BP Plc’s half of its TNK-BP Russian venture, releasing the U.K. company from a fractious nine-year alliance, according to people familiar with the talks.

In a transaction valued between $26 billion and $28 billion, BP will sell its 50 percent stake for just under $13 billion in cash and an eventual 19 percent to 20 percent stake in Rosneft, the people said, asking not to be identified before an official statement.