MOSCOW Dec 12 The AAR consortium, representing
four Soviet-born tycoons, said it would receive $28 billion in
cash for the sale of its one-half stake in TNK-BP to
Russian state oil firm Rosneft.
"I can confirm that it's $28 billion in cash at closing,"
AAR CEO Stan Polovets told Reuters after the parties signed a
sale and purchase agreement on Wednesday.
Rosneft has already signed a binding agreement to buy out
BP's stake in TNK-BP, Russia's third largest oil firm,
for $27 billion in cash and stock.
Both legs of the deal - Russia's largest takeover - are
expected to close in the first half of next year, subject to