With enhancing medicinal drugs, like Semenax vs volume Vimax semenax great site good info Viagra and Cialis, Pro solution vs vigrx plus What stores sell vigrx to the market place, as well as their extensive Volumepills review Best independent test on volume pills

« July 2014 »
Mon Tue Wed Thu Fri Sat Sun
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

AAR TO NEGOTIATE ACQUISITION OF BP SHAREHOLDING IN TNK-BP

18.07.2012
  • AAR

July 18, 2012
Moscow, Russia

Following BP's notice dated 1 June 2012 that it intended to dispose of some or all of its shares in TNK-BP, AAR has today formally notified BP that it wishes to enter into negotiations to increase its shareholding in the Company.

Under the terms of the TNK-BP Shareholder Agreement, AAR and BP now have 90 days during which to negotiate in good faith. AAR has already stated publicly that it would be willing to buy one-half of BP's stake in TNK-BP - or a 25 percent stake - at current market price. AAR made a proposal to this effect in May, prior to BP's public announcement of receipt of "indications of interest."

During the 90-day "good faith" negotiations period, BP may negotiate with other parties but it is precluded from finalising a deal with any of them.

AAR notes that BP has not asked for AAR's approval to provide confidential data on TNK-BP to any other prospective buyer in the seven weeks since BP announced that it received indications of interest from potential buyers. AAR's approval is necessary before such information may be released by BP.

Stan Polovets, CEO of AAR, said: "AAR and BP both realize that a fundamental realignment in the ownership of TNK-BP is necessary in order to allow each of the shareholders to achieve its strategic objectives and eliminate the internal contradictions that are preventing further development of TNK-BP. We hope that BP will now engage with us constructively, particularly given the importance of TNK-BP to BP's overall position."

TNK-BP contributed over 90% of BP's dividends last year (i.e.: $3.7 billion out of $4.1 billion). TNK-BP production performance is substantially better than BPs: in Q1 2012, TNK-BP production volume grew 4% whilst production volume of BP's other assets declined by 6%.

A sale by BP of all or any part of its interest in TNK-BP will not affect BP's potential liability to AAR and TNK-BP for breach of the Shareholders' Agreement in connection with BP's attempted strategic alliance with Rosneft that involved a share swap, an Arctic exploration JV, and a number of potential upstream and downstream ventures.

Further enquiries:

London:
John Eisenhammer, +44 (0)20 7233 9444
Andrew Hayes/Maria Ignatova, +44 (0)20 7796 4133
Hudson Sandler/Quiller

Moscow:
Mikhail Loskutov, +7 (495) 967 01 17, +7 (916) 641 9079

alfa_bw access_bw renova_bw