This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BP Slips After Rosneft Deal Blocked

NEW YORK ( TheStreet) -- Shares of BP (BP - Get Report) were trading 1% lower in London after an arbitration tribunal ruled against the company's $8 billion stock swap with Russia's Rosneft.

BP had wanted to partner with Rosneft, Russia's top crude producer, to explore the Arctic. But BP's partners in Russian company TNK-BP argued that the proposed share swap would erode their joint venture's competitive advantage and sued to stop it, The Associated Press reported.

The Russian shareholders won an injunction at Britain's high court and went into arbitration, which was held in secret and is legally binding.

BP, though disappointed by the ruling, said it would still seek to partner with Rosneft, perhaps by buying a stake in the company rather than trading equity, spokesman Robert Wine told AP. Any future agreement on exploration of the Arctic with Rosneft could be coordinated with TNK-BP, he said.

-- Written by Joseph Woelfel



>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
BP $42.70 -1.60%
AAPL $125.16 -2.80%
FB $77.09 -2.20%
GOOG $528.91 -2.20%
TSLA $230.81 0.13%

Markets

DOW 17,937.27 +9.07 0.05%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs