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Energy

Russian Shareholders Withdraw Suit Against BP

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By Paul Ausick Updated Published
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BPBefore BP PLC (NYSE: BP) agreed to sell its 50% stake in Russia-based oil company TNK-BP, the company tried to negotiate an alliance with eventual acquirer Rosneft. That did not work out, and it also brought on a $3 billion lawsuit against BP by minority owners of its partner in TNK-BP, Alpha Access-Renova (AAR), which claimed they should have been involved in the negotiations. Three of Russia’s leading energy oligarchs control AAR.

A report at Dow Jones Newswires today cites an AAR attorney who said the Russian firm has withdrawn its lawsuit. AAR, like BP, has agreed to sell TNK-BP to Rosneft for a total of about $55 billion. Each firm will receive nearly $28 billion for its stake. The minority shareholders had won the first round of the legal battle in a Russian courtroom, and BP’s appeal was scheduled for a hearing beginning later next week.

BP’s shares are down about 0.6% in early trading this morning, at $92.82 in a 52-week range of $60.79 to $94.83.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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