BP’s Russian row may hit production July 24, 2008 The dogfight between BP and its four oligarch partners could hit Russian oil production next year after the quartet demanded a $900m cut in spending at joint venture TNK-BP. The development is the latest in a long-running battle at the 50-50 venture between the British oil giant and its billionaire partners – Mikhail Fridman, Viktor [...]
TNK-BP boss must clear status to stay in Russia July 22, 2008 Russia’s migration service said yesterday it would not give a visa to TNK-BP chief executive Robert Dudley without a valid contract of employment at the oil firm. A spokesman at the Federal Migration Service (FMS) said: “We cannot grant a visa to Mr Dudley before he presents a valid contract. The previous contract expired and [...]
BP fight over divi cut July 21, 2008 British oil giant BP has blocked a $1.8bn (£900m) dividend payment due to four Russian billionaire shareholders of its strife-torn joint venture TNK-BP. But while the move was seen in London yesterday as proof that the UK giant was fighting back, the oligarchs claimed that there was no disagreement. They too had voted not to [...]
Oligarchs in fresh bid to force out BP July 18, 2008 Joint venture boss Bob Dudley could be forced to leave Russia due to visa problems Bob Dudley, chief executive of BP’s Russian joint venture TNK-BP, could be forced out of the country in the next two weeks, it emerged yesterday. In a dramatic escalation of the oil giant’s dispute with its oligarch partners, Russia’s Federal [...]
Kazakhmys dismisses reverse takeover talk July 16, 2008 Copper mining giant Kazakhmys, which is in talks with fellow Russian miner Metalloinvest, has denied a deal would involve a reverse takeover. A reverse takeover would have involved privately owned Metalloinvest acquiring the FTSE 100 Kazakh miner and keeping the list on London’s benchmark index of leading shares. But yesterday Kazakhmys rejected this. One of [...]
Imperial in fresh £1.2bn bid approach July 15, 2008 Imperial Energy, the Russia-focused oil company, has had a bid approach that could value the business at around £1.2bn. India’s state-controlled ONGC appeared to be the most likely bidder, although Imperial’s statement to the London Stock Exchange, confirming an approach had been made, did not identify the would-be bidder. Shares in Imperial, which earlier this [...]
Political hurdle for Kazakh deal July 15, 2008 Analysts yesterday warned the political risks were “too great” for a possible merger between Kazakh miner Kazakhmys and fellow Russian miner Metalloinvest, the company founded by billionaire businessman Alisher Usmanov. Shares in Kazakhmys rose more than 6 per cent after news that Metalloinvest, which mines 40 per cent of Russia’s iron ore, was exploring a [...]
Santander secures British expansion July 15, 2008 Standard Life, one of Alliance & Leicester’s largest shareholders believes the bank is being sold to Abbey National owner Santander at a “giveaway” price. Santander’s offer represents a 36 per cent premium to A&L’s share price on Friday, but it’s still well below the stock’s 1200p peak a year ago. Despite assurances from A&L chief [...]
Alliance & Leicester snapped up as bid fever returns to the City July 15, 2008 A frenzy of merger and acquisition activity, spearheaded by Spanish bank Santander agreeing to buy Alliance & Leicester for £1.3bn, returned to the markets yesterday causing stocks to rally. The oil and gas sector was the centre of much of the bid action, with Imperial Energy, the developer of Russian oil reserves, soaring 18 per [...]
Hleb poised to seal £14m Barca switch July 10, 2008 Arsenal midfielder Alexander Hleb is set to complete his long-awaited move to Barcelona, after the two clubs reportedly agreed a fee of £14.3m. Hleb, who has been linked with a move from the Emirates all summer, is poised to sign a four-year deal with Barcelona after rejecting the chance to join Bayern Munich. Arsenal have [...]