MOSCOW/LONDON, July 30 (Reuters) – BP’s oligarch
co-owners in TNK-BP blocked a $1 billion dividend from
the Russian oil business on Monday, signalling a new low for a
troubled relationship which is heading for divorce.
The decision by the AAR consortium, grouping tycoons Mikhail
Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, comes
after the British oil firm put its 50 percent stake in TNK-BP up
for sale last month.
MOSCOW (Reuters) – State oil company Rosneft (ROSN.MM: Quote, Profile, Research, Stock Buzz) waded into the dispute between BP and its Russian partners on Tuesday, saying it is in talks to buy half of the troubled venture in a reminder the Kremlin is likely to fire the final shot in the battle.
British oil major BP (BP.L: Quote, Profile, Research, Stock Buzz) has said it is seeking to exit its troubled but lucrative investment in Russia’s third-largest oil company, TNK-BP (TNBP.MM: Quote, Profile, Research, Stock Buzz). It formed the 50:50 joint venture with AAR, the consortium representing the tycoons, nearly a decade ago to tap into the country’s vast energy reserves. The group is now estimated to be worth as much as $30 billion.
MOSCOW, July 24 (Reuters) – Russian state oil company
Rosneft took centre stage in the dispute over assets
owned jointly by BP and a group of billionaires,
announcing on Tuesday that it is to enter talks to buy the
British oil major’s 50 percent stake in TNK-BP.
Rosneft’s entry into the fray serves as a reminder to BP and
AAR, the consortium representing the tycoons, that the
government is likely to have the final say on the future of the
$60 billion business.
MOSCOW, July 20 (Reuters) – A U.S.-based private equity firm
has invested alongside a Russian state fund in Moscow’s
MICEX-RTS bourse, gaining access to the stock exchange ahead of
an expected IPO, the parties announced on Friday.
It is a rare investment by U.S. private equity into Russia,
typically avoided due to concern about the country’s reputation
for corruption and red tape.
MOSCOW, July 16 (Reuters) – Russian billionaire Alisher
Usmanov is increasing his influence in the country’s telecoms
sector by combining his stake in mobile operator MegaFon into a
holding company he controls which will also own state-backed
next-generation operator Scartel.
Usmanov recently secured majority control in MegaFon,
Russia’s No. 2 mobile operator, and the company aims to go
public through a London IPO.
MOSCOW (Reuters) – Globaltrans Investment (GLTRq.L: Quote, Profile, Research) plans to raise around $450 million (291 million pounds) via a share sale, the Russian freight operator said on Monday, giving it added firepower to expand and make possible further acquisitions.
The company aims to take advantage of liberalisation trends in the Russian freight market, exemplified by the sale last year of a controlling stake in Russian Railways’ rail cargo operator Freight One to tycoon Vladimir Lisin.
MOSCOW (Reuters) – The investment group which this week raised its stake in Italian bank Unicredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) to 5 percent is a quarter funded by billionaire Mikhail Fridman’s Alfa Group, according to the Russian conglomerate.
Alfa Group has about $1.5 billion invested in a number of funds run by private equity and hedge fund Pamplona, Alfa said on Friday.
ST PETERSBURG, Russia (Reuters) – Investment banking faces a shakeout and only large commercial players and boutiques offering outstanding service will survive and prosper, the head of emerging markets banking specialist Renaissance Group told Reuters.
Investment banks are undergoing wrenching change as weak financial markets force companies to pull back on raising capital and striking deals, cutting the flow of fee income that had formed the lifeblood of the business.
ST PETERSBURG, Russia, June 21 (Reuters) – Major private
equity and sovereign wealth funds on Thursday took tentative
first steps to invest in Russia, praising efforts to break the
economy’s fixation on energy and become a more diversified, open
and less risky place to invest.
At a forum used by President Vladimir Putin to court foreign
capital, sovereign wealth fund the Kuwait Investment Authority
said it struck a $500 million deal to invest alongside the $10
billion state-backed Russian Direct Investment Fund (RDIF).
ST PETERSBURG, Russia, June 20 (Reuters) – President
Vladimir Putin will court investors this week at Russia’s answer
to Davos, but one who will not be attending is Steven Dashevsky,
a fund manager who is looking at diversifying away from the
Once optimistic about Russia, Dashevsky, who manages a $100
million hedge fund, has little hope for a new round of
investor-friendly economic reforms.