Business Services Industry
BP Pumps UKpound 4.2 Billion into Massive Russian Merger.
Knight Ridder/Tribune Business News, February, 2003
By Brett Arends, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 12--BP is gambling UKpound 4.2 billion on Russia. The oil giant is merging its interests, which range from Moscow petrol stations to exploration rights in Siberia, with local rival AAR to create the country's third-biggest oil company.
Chief executive Lord Browne claims it is the first "significant Russian involvement" by any Western company since the revolution of 1917.
He promises the deal will immediately add to earnings.
He says: "We all believe this is a great moment in the history of BP and a milestone in the history of the industry."
BP will pay UKpound 1.85 billion cash and UKpound 2.3 billion in shares over three years for 50 percent...
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