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BP’s partners in Russian oil unit TNK-BP offered to swap their 50% share in the Russian company for 7.6% of shares in the oil major, Russian newspaper Kommersant reported on Monday.
At Friday’s closing price of 585.25 pence per share, BP was worth £110.12 billion, making 7.6% of BP worth $16.3 billion. On Thursday, one of the Russian shareholders, Viktor Vekselberg, told Reuters a share swap had been discussed “as an idea”, but was unlikely to come about while the shareholders wage a public relations war over management and strategy at TNK-BP. (Reuters)