TNK-BP Corporate Restructuring
19 Dec 2005
TNK-BP announced today that it has completed two critical steps in its corporate restructuring project. The project was launched in early 2005 and is aimed at simplification of TNK-BP’s corporate structure and more efficient management of the group.
The two completed components are the accession of the key holding companies of TNK-BP in Russia — OAO TNK, OAO Sidanco and OAO ONAKO to the newly created holding company OAO TNK-BP Holding, and consolidation of most of the minority shareholders in key 14 TNK-BP subsidiaries in Russia in OAO TNK-BP Holding through the voluntary share exchange program.
The voluntary share exchange program for the minority shareholders in 14 key TNK-BP subsidiaries was completed in September of this year. As a result of the share exchange program about 70 per cent of all minority interests in the participating subsidiaries exchanged their shares for shares in TNK-BP Holding and received approximately 2.5 per cent of OAO TNK-BP Holding shares.
The accession of OAO TNK, OAO Sidanco and OAO ONAKO to OAO TNK-BP Holding was completed on December 13, 2005 when OAO OANKO, the last of the three holding companies was liquidated by way of accession to OAO TNK-BP Holding. As a result of these accessions, all assets and liabilities of the three liquidated holding companies were consolidated in OAO TNK-BP Holding and all minority shareholders of the three holding companies received shares in OAO TNK-BP Holding totaling approximately 2.6 per cent of its share capital.
As a result of both accessions and the voluntary share exchange, minority shareholders have received approximately 5 per cent of shares in the key TNK-BP company in Russia – OAO TNK-BP Holding.
TNK-BP’s CEO Robert Dudley said:”I am very pleased that we have been able to deliver our corporate restructuring objectives this year. This brings us another step closer to our goal of becoming a more transparent and a better governed company.”
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