Experts question Rosneft-AAR deal
Analysts surveyed by RBC have voiced doubts concerning the acquisition by state-owned Rosneft of a 50% stake in Anglo-Russian joint venture TNK BP from its Russian shareholder Alfa-Access-Renova (AAR) consortium, RBC News reports.
In fact, AAR and Rosneft have signed a framework agreement on the sale of a 50% stake in TNK BP to Rosneft for $28bn. According to earlier media reports, AAR said that its decision is not final and could be canceled. BP is also on track to sell its stake in TNK BP and is also reportedly in negotiations with Rosneft.
One expert pointed to the sale price, arguing that AAR had valued its stake at $32bn earlier, so the $28bn price seems underestimated, given that the price of oil remains high. He added that BP could sell its stake even at a lower price of $25bn.
Another expert claimed that AAR is not eager to be left at the helm of TNK BP with Rosneft, since running a company on a parity basis with a state-owned company could be challenging, while BP would be glad to see AAR pull out of TNK BP, because it would retain its footprint in Russia.
