BP investors set for £10bn windfall
The 50 per cent stake is up for sale after the blue-chip company said it received unsolicited approaches for the holding, which has been valued by City analysts at between £16bn and £23bn.
It is understood that half the money will be set aside for new assets with the rest given back to investors.
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Hide AdA share buy-back or special dividend would be some reward for the patience of investors, who saw dividends suspended after the Gulf of Mexico disaster and later reinstated at half the pre-spill value.
Shares were trading at 402p on Friday, still more than a third below the level seen prior to the disaster in 2010.
BP’s existing partner in the joint venture, the Alfa-Access-Renova group of Russian oligarchs, is thought to have made one of the approaches for the TNK-BP stake but the Kremlin could also be a surprise bidder.
TNK-BP is the third biggest oil producer in Russia.