No deal in BP-Rosneft-AAR talks: source

Reuters

MOSCOW (Reuters) - Talks between BP , Rosneft and the Russian shareholders in BP's Russian venture TNK-BP have failed to reach agreement, a source close to the matter said on Tuesday.

BP and Rosneft made a cash and stock offer to buy out the co-owners of TNK-BP, represented through the Alfa-Access-Renova (AAR) consortium. They also discussed a proposed BP-Rosneft share swap whose deadline expired on Monday night.

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A source close to AAR, which represents a quartet of tycoons who own half of TNK-BP, said the company would issue a statement shortly.

(Reporting by Vladimir Soldatkin, Writing by Douglas Busvine)

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