Proceeds of BP's TNK-BP sale returned to shareholders

Our reporter Cathy Adams:

Oil giant BP this morning said it would buy back $8bn ($5.2bn) of shares, just a day after completing the sale of its stake in TNK-BP.

The share buyback programme will give BP investors an amount similar to the value of the FTSE firm’s original investment in TNK-BP.

Russian state-owned producer Rosneft yesterday completed its $55bn (£36bn) takeover of TNK-BP, making it the largest listed oil producer in the world.

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