Sunday, March 13, 2011

TNK-BP provides $8.16 billion BP participation buy: report

Sunday, March 13, 2011

LONDON | Tue Mar 1, 2011 9:35 pm EST

LONDON (Reuters) - TNK-BP TNKBP.UL has offered to buy a 5-percent stake in BP for deal in an attempt, a dispute over BP proposed 5 billion pounds ($8.16 billion) with Rosneft (ROSN.)(MM), the times said on Wednesday.

BP's Russian joint venture would to buy the BP shares and then Exchange it for a 10-percent stake in Russian State-controlled Rosneft, mirroring the original BP Rosneft deal, told the times.

But would under the new proposal at a meeting on Friday discussed are, the TNK-BP Rosneft, instead of BP and BP participation possession would be ? 5 billion in cash, the newspaper win added.

BP and Rosneft struck an agreement in January, to develop Arctic oil and gas, and you also a share-swap agreement signed.

But Russia associated shareholders of TNK-BP, said the deal violated the shareholder agreement with BP and won an injunction in a London Court to keep.

(Reporting by Karolina day OS;) (Editing by Bernard Orr)

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