British oil company BP has resolved its dispute with the Russia-connected billionaires who are co-owners of its joint venture TNK-BP.
The deal ends months of increasingly hostile disputes with the oligarchs.
Chief executive Bob Dudley – a BP appointee – is stepping down and TNK-BP’s board will be restructured so that each side would no longer have half the seats; in future the balance held by independent directors.
BP had accused its partners of orchestrating a campaign of state harassment to gain control of Russia’s third-largest oil producer. There had been raids on its offices by Russian security forces as well as tax investigations into the joint-venture, which is estimated to be worth more than 30 billion euros.
Analysts called this a good outcome for BP. Investors had feared it might lose its interest in TNK-BP with only minimal compensation.
BP’s shares rose along with those of TNK-BP Holding which owns the majority of the company’s assets.
Copyright © 2014 euronews
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Sweden becomes first European nation to recognise Palestine | euronews, world news
- 7Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 10International tv news | euronews: European and International tv news bulletin
- 11Iceland volcano ‘pollutes Paris’ | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13European Union News | euronews: latest breaking news and headlines about European Union
- 14Learning through “serious games” | euronews, learning world
- 15euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 16US delivers technical aid to Ukraine but warns over security | euronews, world news
- 17euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 18Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
- 19All you need to know about the Ebola virus | euronews, world news
- 20Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
Wires > Business
- 00:41 CET BGC launches formal $675 million offer for rival broker GFI
- 23:53 CET Analysis- Fresh turbulence tests post-crisis financial markets
- 23:28 CET U.S. prosecutors probe Takata Corp over statements- WSJ
- 22:38 CET Global shares falter as Wall Street tumbles; bond prices fall
- 22:26 CET U.S. prosecutors probing Takata Corp over misleading statements-…
- 21:36 CET Microsoft looks set to drop Nokia name from smartphones
- 21:17 CET Global shares falter as Wall Street tumbles, bond prices fall
- 21:16 CET Shares falter as Wall Street tumbles, bond prices fall