A November 20 meeting of the Rosneft Board of Directors reviewed issues relating to the deals with BP. The Board of Directors:
- Approved Rosneft’s participation in TNK-BP Limited and TNK Industrial Holdings Limited;
- Approved Rosneft’s large deal to acquire a 50% stake in TNK-BP Limited and TNK Industrial Holdings Limited from BP for a cash consideration of USD 25.4 billion (subject to variation under conditions set down in the sale and purchase agreement) and 3.04% of Rosneft shares (at USD 8.00 per share);
- Approved the sale of 9.8% of Rosneft shares belonging to RN-Development to BP at a price of USD 8.00 per share for a total cash consideration of USD 8.3 billion (subject to variation under conditions set down in the sale and purchase agreement).
These decisions were taken in accordance with Russian government directives.
Rosneft will acquire a 50% stake in TNK-BP from BP for a cash consideration of USD 17.1 billion and 12.84% of Rosneft shares through these approved deals.
Rosneft and BP have completed the approval process for legally binding deal documents, which are to be signed shortly.
The totals and percentages shown above have been rounded off.
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