Rosneft to buy out TNK-BP minority shareholders on govt's orders
SOCHI. Sept 27 (Interfax) - Rosneft will buy out minority shareholders in TNK-BP Holding (TBH) following instructions by the government.
At the investment forum in Sochi, Russian Prime Minister Dmitry Medvedev suggested that Rosneft show a civilized approach to solving problems, including the of the former TNK-BP's minority shareholders.
"Does that problem exist?" Medvedev said, addressing Igor Sechin, the president of Rosneft. "It does, we inherited it from TNK-BP," Sechin said.
"The state could set an example of the right conduct, reach a decision intended to ensure a favorable investment climate applicable to a specific company with respect to minority shareholders, to buy out these stakes. If you are ready for this I'll sign the relevant directive this very day," Medvedev said.
Sechin said his company would fulfill the government's instructions. "In light of your decision, despite the absence of a legal obligation to buy the stakes, the company will fulfill the task you have set, and voluntarily," Sechin said.
He said the company might buy the minority shareholders out at the average weighted price for the last 18 months.
Shares in RN Holding, as TNK-BP is now known, soared more than 10% on the news. Ordinary shares were up 10.2% to 59.5 rubles and preferred shares 11.8% to 49.2 rubles a share by 2.25 p.m. on the Moscow Exchange .
Sechin told reporters later that Rosneft's board of directors would meet to discuss the buyout on September 27.
"The board meeting will take place today," he said.
