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Prosperity Urges TNK-BP Investors to Fight Rosneft’s Cash Pull

The largest foreign fund manager focused on Russia said the country’s reputation is at risk after OAO Rosneft’s $55 billion takeover of TNK-BP landed the state-run oil producer in a fight with minority shareholders.

Prosperity Capital Management is looking to team up with fellow investors in the TNK’s traded unit, OAO TNK-BP Holding, and seek redress after Rosneft’s plan to borrow money from the company rather than paying dividends sent the shares to a record low this week. Rosneft said its move was standard practice.