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Fridman: AAR Not to Yield TNK-BP
Russia’s AlfaAccessRenova (AAR) Consortium of Alfa Group, Access Industries and Renova won’t give up its share in TNK-BP and hails the extension of moratorium on disposal of principal holders’ ownership, RIA Novosti reported with reference to the interview of Alfa Group head and TNK-BP Chairman Mikhail Fridman that The Financial Times released Monday.
Nowadays, Russia’s AAR and Britain’s BP, each of which owning a half in TNK-BP, are looking for the ways to sort out their long dispute for the company’s control.
TNK-BP Management is to hold an extraordinary meeting Monday to focus on breaking the employment contract with Robert Dudley, president and chief executive of the company. The second issue on the order of business is approving the address to the BOD of TNK-BP Ltd. that will urge BP to put forward a new independent candidate that will lead TNK-BP Management.
In the FT article timed to the event, Fridman emphasized that AAR isn’t willing to dispose of the business with grand future. Instead, AAR will rather extend the moratorium on the sale of TNK-BP stocks. The moratorium on that disposal expired January 1, 2008.
AAR is aimed at boosting the company’s revenues and efficiency, resuming the dividend payment. Its target is to turn TNK-BP into a grand global business of crude oil. But these purposes could be attained provided BP treats AAR as partners rather than subordinates, Fridman made clear.
Under the holders’ agreement of TNK-BP Ltd., BP nominates a candidate to head TNK-BP Management, while AAR approves of the person. Spokesmen of AAR have always reiterated that they respect this right of BP and won’t challenge it.
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