Company news in June 2004 | |||
TNK-BP Expecting to Finalize the First Stage of Corporate Reconstruction by the End of 2004
TNK-BP expects to finalize the first stage of corporate reconstruction by the end of 2004. The first stage envisages assessment of the company and patterns to be proposed to minority shareholders as part of reconstruction, informed TNK-BP''s President Robert Dudley at a briefing. TNK-BP''s Board of Directors approved of establishment of New Russian Holding company that will consolidate stakes of minority shareholders of TNK-BP''s subsidiaries. As Mr. Robert Dudley noted, the meeting of the Board of Directors on Monday resolved to restructure the company on the basis of New Russian Holding establishment to be registered in Tyumen. At present, TNK-BP''s corporate structure includes TNK, SIDANCO, ONACO, etc. The number of companies within TNK-BP totals to some 600. As TNK-BP''s President noted at a news conference, TNK had engaged a number of independent advisors for assistance in development of a comprehensive corporate reconstruction plan. Legal support will be provided by White&Case. PriceWaterhouseCoopers will be a tax advisor. Official asset assessment will be performed by Deloitte. DeGolyer&MacNaughton will help determine the reserves during calculation of production levels for assessment purposes.
Source: PRIME TASS