This is less than expected for this kind of deal, Freeman noted, as the deal was a “mandatory” one – meaning BP was pressured to sell its stake in TNK-BP to a government-controlled entity.
A host of banks were involved in the deal. Morgan Stanley was principal adviser to BP, working alongside UBS, Goldman Sachs, Lambert Energy Advisory and Renaissance Capital. Credit Suisse also had a role for BP. Bank of American Merrill Lynch and Citigroup acted as joint financial adviser to Rosneft.
Credit rating agencies Moody’s and Fitch yesterday both placed Rosneft on review for a possible downgrade, in light of its $45bn deal to buy out 100 per cent of TNK-BP.