BP 2010 Annual Report Download - page 268
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ParentcompanynancialstatementsofBPp.l.c.
14.Postbalancesheetevents
On14January2011,BPenteredintoashareswapagreementwithRosneftOilCompanywherebyBPwillreceiveapproximately9.5%ofRosneft’s
sharesinexchangeforBPissuingnewordinarysharestoRosneft,resultinginRosneftholding5%ofBP’sordinaryvotingshares.Theaggregatevalueof
thesharesinBPtobeissuedtoRosneftisapproximately$7.8billion(asatcloseoftradinginLondonon14January2011).BPhasagreedtoissue
988,694,683ordinarysharestoRosneft;Rosnefthasagreedtotransfer1,010,158,003ordinarysharestoBP.Completionofthetransactionissubjectto
theoutcomeofthecourtapplicationreferredtointheparagraphbelow,andrelatedpendingarbitralproceedings.Aftercompletion,BP’sincreased
investmentinRosneftwillcontinuetoberecognizedasanavailable-for-salenancialasset.Duringtheperiodfromenteringintotheagreementuntil
completion,theagreementrepresentsaderivativenancialinstrumentandchangesinitsfairvaluewillberecognizedinBP’sincomestatementin2011.
AnapplicationwasbroughtintheEnglishHighCourton1February2011byAlfaPetroleumHoldingsLimited(APH)andOGIPVenturesLimited
(OGIP)againstBPInternationalLimitedandBPRussianInvestmentsLimited.APHisacompanyownedbyAlphaGroup.APHandOGIPeachown25%of
TNK-BP,inwhichBPalsohasa50%shareholding.ThisapplicationallegesbreachoftheshareholdersagreementonthepartofBPandseeksaninterim
injunctionrestrainingBPfromtakingstepstoconclude,implementorperformthepreviouslyannouncedtransactionswithRosneftOilCompanyrelating
tooilandgasexploration,production,reningandmarketinginRussia.ThosetransactionsincludetheissueortransferofsharesbetweenRosneftOil
CompanyandanyBPgroupcompany.ThecourtgrantedaninterimorderrestrainingBPfromtakinganyfurtherstepsinrelationtotheRosneft
transactionspendinganexpeditedUNCITRALarbitrationprocedureinaccordancewiththeshareholdersagreementbetweentheparties.Thearbitration
hascommencedandtheinjunctionhasbeenextendeduntil11March2011pendinganexpeditedhearinginrelationtomattersindisputebetweenthe
partiesonanalbasisduringtheweekcommencing7March2011.Theexpeditedhearingwilldecide,amongothermatters,whethertheinjunctionwill
beextendedbeyond11March2011.
TheparentcompanynancialstatementsofBPp.l.c.onpagesPC1–PC16donotformpartofBP’sAnnualReportonForm20-FasledwiththeSEC.
PC16BPAnnualReportandForm20-F2010