Russian state-owned oil firm Rosneft is to buy out minority shareholders of the TNK-BP venture it took over in a £36billion deal earlier this year.
Rosneft, the world’s largest listed oil producer, will look to buy out the 5% of shareholders for around $1.5billion, after months of refusing to purchase the shares.
The company’s president, Igor Sechin, had previously said Rosneft had no obligation to acquire the minority holdings, but changed track last week after confirming the firm would look to buy them at a 20-30% premium.
“The board of directors resolved to establish the voluntary acquisition price based on the calculation of weighted average share price, derived from the outcome of the 18-month organized trade period preceding 26.09.2013, and the independent assessment of the shares market value at 67 rubles per one ordinary and 55 rubles per one preferred share of OAO RN-Holding,” Rosneft said in a stock market statement today.
The voluntary offer will be presented to directors by the middle of next month.
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