MOSCOW, 12 Oct Igor Sechin, CEO of Russian oil
company Rosneft, will meet on Saturday evening with
Mark Mobius, the head of Templeton Emerging Markets Group, to
discuss a buy-out of former TNK-BP minority shareholders, the
Interfax news agency reported on Saturday.
The meeting follows a letter and a phone call from Mobius to
Sechin in which he requested it, Interfax reported, citing a
source at Rosneft.
Rosneft told Reuters that it was unable to confirm the
information about the meeting. A Rosneft source confirmed that
Mobius had written a letter to Sechin.
Minority shareholders in TNK-BP Holding, the former Russian
subsidiary of Anglo-Russian oil joint venture TNK-BP, have been
disappointed by the terms of a recently announced buy-out.
The Franklin Templeton investment group was among the
complaining investors. Mobius, who heads Templeton's emerging
markets division, is one of the highest-profile investors in
Last last month Rosneft announced an offer under which
investors in RN Holding, the renamed TNK-BP Holding,
would be paid 67 roubles ($2.07) per share, a premium of around
30 percent over the market price at that time.
This follows months of investor dissatisfaction that
minority shareholders in TNK-BP Holding were not bought out at
the time of Rosneft's $55 billion acquisition of the holding's
parent company TNK-BP in April.
Analysts calculate that a deal on such terms would work out
at around $3.70 per share in RN Holding, almost double the price
now on offer.
On Friday Russian President Vladimir Putin appeared to rule
out any improvement in the offer price.
RN Holding's present market price is 63.40 roubles ($1.97)
per share, slightly below Rosneft's recent offer price of 67