TNK-BP Falls to Record as Rosneft Shuns Minorities: Moscow MoverKsenia Galouchko
OAO TNK-BP Holding sank to a record low as OAO Rosneft said it won’t buy minority stakes after sealing a $55 billion acquisition of the Russian oil producer’s parent.
Shares in the Moscow-traded unit of the former BP Plc joint venture plunged as much as 19 percent, before closing down 12 percent at 50.05 rubles by the close in Moscow, the lowest since December 2010 when the shares were listed. The amount traded was 6 million shares, equivalent to about 11 times the three-month average. Rosneft retreated 1.9 percent to 237.80 rubles.
Rosneft, Russia’s largest oil producer doesn’t plan to buy TNK-BP Holding’s minority stakes, Rosneft Chief Executive Officer Igor Sechin, said today in an interview broadcast by national television channel Rossiya 24, after completing the biggest takeover in Russian history yesterday.
“Those who had any illusions about the minority stakes’ buyout are selling the stock today,” Alexei Kokin, an analyst at UralSib Capital, said by phone from Moscow. “When Sechin says something like this, the market is reacting in the most pessimistic way.”