Rosneft has become the largest publicly traded oil and gas company in the world by hydrocarbon reserves and production after acquiring and consolidating 100% of TNK-BP, according to a Rosneft press release.
Rosneft finalized the deals to acquire BP’s 50% share in TNK-BP in exchange for US $16.65 billion in cash and 12.84% of Rosneft shares. Separately, BP acquired 5.66% of Rosneft shares from OFSC ROSNEFTEGAZ, according to the press release.
As a result of these transactions, BP has received $12.48 billion in cash (including a $0.71 billion dividend it received from TNK-BP in December 2012) and, together with its existing 1.25% shareholding in the company, now holds 19.75% in Rosneft, according to the press release.
In correspondence with separate agreements Rosneft has finalized the deal of acquiring AAR’s 50% share for cash consideration of $27.73 billion. The above mentioned sums paid for acquiring of TNK-BP shares from BP and AAR are calculated based on the terms of purchase price formation, stipulated by the corresponding purchase agreement, according to the press release.
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