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.


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.


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.

Ancestry.com said it does not foresee any changes in its operating structure and the company will remain headquartered in Provo, Utah.

The deal is expected to close in early 2013. It is subject to Ancestry.com shareholder approval.

Ancestry.com said it has more than 10 billion records and 2 million paying subscribers. The Web site researches genealogies and family histories.


The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.

-- Written by Brittany Umar.
Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.

If you liked this article you might like

Video: 5 of the Biggest Losers From the New Tax Code

Video: 5 of the Biggest Losers From the New Tax Code

Live From NAPE: Oil and Gas Drillers Excited About $60 Oil

Live From NAPE: Oil and Gas Drillers Excited About $60 Oil

A Regular Winning Trade Becomes Roadkill in Market Meltdown

A Regular Winning Trade Becomes Roadkill in Market Meltdown

The Dow's Wild Ride - 5 Things You Must Know Before the Market Opens Tuesday

The Dow's Wild Ride - 5 Things You Must Know Before the Market Opens Tuesday