Rosneft, BP close to finalizing TNK-BP deal
Rosneft has nearly finalized the deal to buy a stake in TNK-BP from BP, which could be closed in the coming week, several sources familiar with the situation told Interfax.
The deal to buy the AAR consortium's stake in TNK-BP is also expected to be finalized within ten days, or a couple of weeks, one of the sources said.
The TNK-BP's top managers have started leaving their offices in the company.
TNK-BP's executive director and co-owner, German Khan, will officially go on leave on Tuesday, which is likely to be followed by dismissal, a source said.
One more executive director and co-owner Viktor Vekselberg will stop performing his managerial functions in the company next week alongside chief financial officer Jonathan Muir and two executive vice presidents Mikhail Slobodin and Igor Maidannik.
These key managers are leaving TNK-BP immediately after the company is bought by Rosneft under the agreements reached by the buyer and seller, the sources said. The directors-general of TNK-BP's key subsidiaries are expected to be replaced immediately, as well.
Meanwhile, Rosneft chief Igor Sechin said last week that he expected the company's deal to buy TNK-BP to close early in the second quarter of 2013. Rosneft said earlier that the key principle of the integration process is synergies from the two companies' potentials and the effectiveness of each manager.
"A mixed model will be used, whereby some of TNK-BP's managers will switch to Rosneft's central office in a process that has got underway already. At the same time, some of Rosneft's managers will take charge of the profile departments at the TNK-BP central office and become heads of the company's subsidiaries," the oil company said.
It emerged on Friday that the European Commission had given its go-ahead to Rosneft's purchase of TNK-BP.
Rosneft is in the process of buying 100 percent of TNK-BP. According to an official company statement, the purchase is slated to be completed in the first half of this year.
Rosneft will pay BP some $12 billion in cash and the British company will be getting a 19.7 percent stock interest in the Russian outfit. Rosneft plans to pay the AAR consortium (Alfa Group, Access Industries, and Renova), the other TNK-BP shareholder, $28 billion in cash for its stake.