Putin blesses full takeover of TNK-BP by Rosneft

Published October 22, 2012

| Reuters

NOVO-OGARYOVO, Russia, Oct 22 (Reuters) - Russian President Vladimir Putin on Monday blessed a full takeover by state oil major Rosneft of Anglo-Russian oil venture TNK-BP , calling it a good deal at a good price.

Putin was speaking at a meeting with Rosneft CEO Igor Sechin, who said Rosneft had agreed to buy 100 percent of TNK-BP from its shareholders, British oil major BP and the AAR consortium representing four Soviet-born tycoons.

In a statement, Rosneft said it would pay $28 billion for AAR's one-half stake in TNK-BP, which Sechin said would be comparable in value to the cash and stock deal buyout of BP's stake.

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