Equity swap in which Rosneft acquires a 5% stake in BP (and BP acquires a 9.5% stake in Rosneft)

The global strategic alliance has two main components: a value neutral equity swap that will see BP acquire a 9.5% stake in Rosneft, and Rosneft a 5% stake in BP; an Arctic exploration agreement under which BP will farm in for a 33.3% stake in 125,000 km2 of frontier offshore acreage.For BP, the agreement marks a bold step in re-building its upstream growth story: a landmark deal reminiscent of the pioneering transactions that defined the company's strategy in the late 1990s/early ...