AAR to make 'competitive' bid for BP's 50% stake in TNK-BP: tycoon
October 5, 2012, 3:42 pm TWN
MOSCOW -- The billionaire quartet that owns half of TNK-BP will make a "competitive" offer for BP's 50-percent stake in the Anglo-Russian oil firm by Oct. 17, German Khan, one of the tycoons in the group, told the Kommersant daily on Thursday.
An offer would raise the prospect of a bid contest between AAR and Russia's top crude producer Rosneft, which has also expressed interest in BP's stake in TNK-BP, Russia's third-largest oil company.
"We have to make an offer to BP before Oct. 17, when a 90-day negotiation term expires. There is no final decision on BP's stake valuation, but in any case it would be competitive," Khan told the newspaper.
Under a shareholder agreement, AAR has the exclusive right to make an offer by a mid-October deadline that falls 90 days after BP put the stake up for sale. Other suitors may then seek to strike a deal, creating the prospect of a bidding contest.