Buyout for TNK-BP Shareholders

TNK-BP Holding, a listed subsidiary of BP's joint venture with Russian billionaires, offered on Friday a buyout to minority shareholders as it prepares for a bigger share float.

BP and its Russia-connected partners signed on Thursday a memorandum ending months of open disputes over management and development strategy.

The two sides agreed to reshuffle TNK-BP's management and proceed with an IPO of up to 20 percent of a new firm, which will combine TNK-BP Holding with some other assets, including oil venture Slavneft.

A TNK-BP Holding statement Friday in Rossiiskaya Gazeta said it would buy shares of any holders who voted against merging TNK-BP Holding with companies like Sborsare Management, Sidanco Investments, Sidanco Neftepererabotka and Sidanco Securities.

A TNK-BP official said those companies controlled shares in Slavneft and other assets to be merged with TNK-BP Holding. The buyout offer was set at 48.94 rubles for one ordinary and one preferred share.

The firm also said TNK-BP Holding could pay 100 percent of net profits for the first half of 2008 in dividends.

"All shareholders will receive a dividend based on the distribution of 100 percent of first-half income calculated according to Russian accounting standards," the firm said in a statement.

The shareholders will vote on the dividend payment at an extraordinary general meeting Sept. 30.

Source: The Moscow Times

http://www.themoscowtimes.com/article/1009/42/370730.htm

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