BP to Sell Its Stake in Joint Venture to Rosneft: Hot Trends

NEW YORK (TheStreet) -- Popular searches on the Internet include BP (BP) as the British oil company has agreed to sell its half of joint venture TKN-BP to Russian energy firm Rosneft for about $28 billion in cash and stock.

BP will receive a 19.75% stake in Rosneft and two seats on its board. The deal will allow BP to end its often contentious relationship with TNK-BP's other shareholder AAR.

AAR said it is now willing to sell its half of TNK-BP but it is unclear whether the group is in talks with Rosneft as well. AAR rejected a $30 billion offer to sell to BP and Rosneft in 2011.

Rosneft is Russia's biggest oil company and 75% of it is controlled by the Russian state.

BP acquired half of the TNK-BP venture in 2003 for $8 billion. The venture has paid BP in dividends ever since, but BP consistently collided with AAR on various issues.

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Hasbro (HAS) is trending as toy company reported its third-quarter results. Hasbro reported sales that missed expectations, but over-delivered on profit, topping expectations thanks to improved inventory management.

Hasbro reported net income that fell 4% in the quarter on weak sales of toys targeted at young boys and preschoolers. But adjusted results still topped forecasts. The company reported adjust earnings of $1.28 per share, while analysts expected profit of $1.20 per share.

The company said it plans to increase its marketing efforts heading into the holiday season and remains confident heading into the fourth quarter.

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Ancestry.com (ACOM) is another popular search. The genealogy Web site said it has agreed to a buyout offer from private equity firm Permira for $1.6 billion, or $32 a share, in cash.

Ancestry.com said CEO Tim Sullivan and COO Howard Hochhauser will keep a majority of their equity stakes, and Spectrum Equity, currently a 30% holder in the company, will remain an investor as well. The company said Spectrum Equity has said it will vote in favor of the deal.

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