23 Oct 2012 09:29

AAR shareholders agree on future of TNK-BP stake - source

MOSCOW. Oct 23 (Interfax) - The shareholders of the AAR consortium have the same views on the possibility of continuing to own part of the business of oil company TNK-BP and ending such ownership, a source close to the management of the consortium told Interfax.

"Any scenario is possible. We can stay in the company or completely sell our stake and pull out. Negotiations are underway," he said.

He said that "in order to make the right decision it is necessary to understand what the conditions will be for selling or continuing on."

In either case, AAR shareholders agree unanimously both in the case of a sale and the other option, the source said. "This will be our common position," he added.

It was reported earlier that AAR has signed a letter of intent with Rosneft to sell its 50% stake in TNK-BP Limited to the state oil major for $28 billion in cash.

BP has provided a waiver of its right to hold good faith negotiations with AAR over a 90-day period as stipulated by the TNK-BP Shareholder Agreement. The transaction is subject to finalization of a share purchase agreement and other customary closing conditions.

Also on Monday, BP signed a head of agreement on the sale of its own 50% of TNK-BP to Rosneft. Rosneft will buy 100% of TNK-BP in a deal that the state oil company's president, Igor Sechin, estimates will be worth $61 billion.