Board row delays TNK-BP vote again
The TNK-BP board voted yesterday to postpone a decision on the proposal that it should buy into BP's $10bn (£6.2bn) share-swap with Russian rival Rosneft.
At the instigation of one of the joint venture's four BP-nominated directors and one of the three independent directors, the vote on the TNK-BP's management's plan for a three-way share purchase agreement will now be decided on 12 March.
TNK-BP's Russian oligarch backers – who own the group 50/50 with BP – believe the BP/Rosneft deal violates an agreement for both sides to do all business in Russia through TNK-BP. The vote has already been delayed once, after the BP-nominated directors failed to turn up.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies