Legal Business

TNK-BP takeover saga ends in largest Russian deal ever

The ongoing battle over what was to become of Russian oil joint venture (JV) TNK-BP finally concluded at the end of 2012, in one of the largest M&A deals of the year. Skadden, Arps, Slate, Meagher & Flom, Cleary Gottlieb Steen & Hamilton and Linklaters all played lead roles on TNK-BP’s multibillion-dollar sale to Russian state-owned oil giant Rosneft in December.

The deal has made Rosneft, advised by Cleary, the largest listed oil company in the world. However BP, represented by Linklaters, still has an almost 20% stake in the company after negotiating a cash plus shares sale worth $27bn.