Rosneft makes offer for BP' s TNK-BP stake
BY SELINA WILLIAMS
LONDON -- BP has received a formal offer from Russian state controlled oil giant Rosneft for its 50% stake in oil producer TNK-BP, a person familiar with the matter said.
The person gave no further details on the offer, which other people close to the talks have said is around $25 billion in a mix of cash and shares. Rosneft President Igor Sechin, a close ally of President Vladimir Putin, is presenting his offer to BP. BP' s board is expected to consider the offer, people close to the deal have said.
Rosneft, in which the government owns 75.5%, said in July it would bid on BP' s stake in Russia' s third largest oil producer.
Dow Jones Newswires