BP to buy back $8 billion of shares

Move comes after completion of sale of its 50% stake in TNK-BP to Rosneft
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First Published: Fri, Mar 22 2013. 08 54 PM IST
Photo: Reuters
Photo: Reuters
Updated: Sat, Mar 23 2013. 12 26 AM IST
London: British energy giant BP on Friday said it would return up to $8 billion (€6.2 billion ) to company shareholders by repurchasing shares, a day after completing the sale of its stake in a Russian joint-venture.
“BP announced on Friday that it intends to carry out a share repurchase, or buy-back, programme with a total value of up to $8 billion,” the group said in a statement.
It added: “Today’s decision to buy back shares follows the completion yesterday of the sale of BP’s 50% interest in TNK-BP to Rosneft.
“The programme is expected to return to BP shareholders an amount equivalent to the value of the company’s original investment in TNK-BP.”
Russian state oil giant Rosneft on Thursday announced the creation of the world’s top listed oil firm as it sealed a $56-billion acquisition of the British and local stakes in the lucrative but strife-torn joint venture TNK-BP .
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First Published: Fri, Mar 22 2013. 08 54 PM IST
More Topics: BP | energy | Stake | Rosneft |
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