Rosneft Buys BP's TNK-BP Stake For $26B

OAO Rosneft agreed to buy BP Plc’s half of the TNK-BP venture for $26.8 billion in cash and shares in the biggest acquisition by a Russian company. BP will sell its 50 percent stake in Russia’s third-largest oil producer for $17.1 billion in cash and 12.8 percent of Rosneft’s shares, according to a statement today. BP will reinvest $4.8 billion in the government’s shares of Rosneft, leaving it with $12.3 billion in cash, 19.75 percent of the state-backed company and two board seats.

U.S. Stocks Retreat: Have We Hit the Peak?
14:14 - Jack Ablin, BMO Private Bank's chief investment officer, discusses the performance of U.S. stocks and the outlook for commodities with Bloomberg's Betty Liu and Yvonne Man on "Daybreak Asia." (Source: Bloomberg)
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