Rosneft has finalised the deals to acquire BP’s 50% share in TNK-BP in exchange for US$16.65bn in cash and 12.84% of Rosneft shares. Separately BP acquires 5.66% of Rosneft shares from Rosneftegaz. As a result of these transactions together with its existing 1.25% shareholding in the company, BP now holds 19.75% in Rosneft.
In correspondence with separate agreements Rosneft has finalized the deal of acquiring AAR's 50% share for cash consideration of US$27.73bn. The above mentioned sums paid for acquiring of TNK-BP shares from BP and AAR are calculated basing on the terms of purchase price formation, stipulated by the corresponding purchase agreement. Upon completion of a number of independent transactions Rosneft has consolidated 100% of TNK-BP and has become the largest publicly traded oil and gas company in the world by hydrocarbon reserves and production.
The deal is the biggest takeover in Russian history,has brought the state share in Russia's oil sector to more than 50%.
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