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Billionaires Said to Drop Bid for BP Stake in Russia Oil

BP Plc’s billionaire partners dropped a planned offer to buy the other half of TNK-BP, their Russian oil venture, after state-run OAO Rosneft dominated the bidding, said a person with knowledge of the decision.

A BP-Rosneft deal looked likely even while the U.K. producer held talks with AAR, which represents the partners, during a 90-day period of “good faith” negotiations between the partners required under the TNK-BP shareholder agreement, the person said, asking not to be identified because the information is private.