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Rosneft says has funding for full TNK-BP takeover
October 22, 2012 / 1:40 PM / 5 years ago

Rosneft says has funding for full TNK-BP takeover

NOVO-OGARYOVO, Russia (Reuters) - Russian state major Rosneft is able to fund the cash part of its acquisition of Anglo-Russian oil firm TNK-BP with borrowing from western banks, CEO Igor Sechin told journalists on Monday.

Earlier, Rosneft announced deals worth about $55 billion to buy TNK-BP from its current partners, Britain’s BP and the AAR consortium grouping four Soviet-born tycoons.

In first part of the deal, Rosneft will buy BP’s one-half stake for around $27 billion in cash and stock.

In stage two, the AAR consortium of four Soviet-born billionaires who control another half of TNK-BP, would get $28 billion in cash.

“We have a valid agreement on the principles of a sale by AAR,” Sechin said, adding that the price “suited AAR”.

Reporting by Darya Korsunskaya; Writing by Vladimir Soldatkin; Editing by Douglas Busvine

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