BP board 'to discuss' Rosneft offer

Offer on the table: BP chief Bob Dudley

REUTERS/SCANPIX

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Steve Marshall ,

News Wires

 19 October 2012 07:59 GMT

BP’s board was set to meet on Friday to consider a reported cash-and-stock bid worth more than $25 billion from Rosneft for its stake in TNK-BP, amid speculation the UK supermajor may decide to hold onto its interest in the Russian joint venture.

Russian state-owned Rosneft is already reported to have signed an outline agreement with the AAR consortium, BP’s 50:50 partner in TNK-BP, to acquire its 50% stake for $28 billion.

Rosneft chief executive Igor Sechin was in London this week to discuss a separate bid earlier reported at $15 billion to $20 billion plus shares for BP’s holding with its chief executive Bob Dudley, with UK newspapers reporting the latter would be recommending the offer to the board.

“The offer is in. It's a split of the two," (cash and shares). It's a clean…

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