TUAPSE, Russia Oct 11 Rosneft should
buy out the minority shareholders of TNK-BP Holding at
the prevailing market price, not at the peak levels of the past,
Russian President Vladimir Putin said on Friday, indicating
there will be no increase for investors hoping for an improved
"The valuation and payouts should be carried out for those
who wish to sell not at peak levels but today's market price,"
said Putin, who was in Tuapse on the shore of the Black Sea
for the opening of an oil refinery by Rosneft. "That should be
the basis. No one should be deceived or robbed."
State-controlled Rosneft, which became the world's largest
listed oil producer by output after buying the bulk of TNK-BP
for $55 billion earlier this year, announced a proposal to buy
the remaining shares for about $1.5 billion last month.
But the offer, at around $2.07 per ordinary share,
disappointed some investors hoping to get closer to the $3.70 a
share which analysts calculated Rosneft had paid to the two main
shareholders, BP and the Alfa Access Renova consortium.
Igor Sechin, Rosneft's chief executive and close ally of
Putin has said the minorities should not complain because the
price offered was at a premium to the market value.
The minority shares, now listed as RN Holding were
trading down 0.6 percent at 63.40 roubles ($1.97) on Friday.