Russia’s Rosneft offers $1.5bn for minority stakes in TNK-BP

RUSSIAN oil giant Rosneft yesterday said it plans to buy the remaining shares in TNK-BP Holding for a fraction of the price it paid BP and a group of oligarchs for their stakes, in a worrying development for minority shareholders in Russian companies.

Rosneft bought the holding company and its parent TNK-BP last year in a $55bn (£34bn) takeover that created the world’s largest publicly traded oil company by output. Minority shareholders own about five per cent of the unit.

Rosneft plans to pay $1.5bn for the remaining stakes, after months of tough talk and refusal to acquire the shares, which analysts said will raise questions over corporate governance in Russia. Rosneft and its powerful president, Igor Sechin, had repeatedly said that the company had no obligation to buy the remaining shares.