The billionaire partners in Russian oil producer TNK-BP will offer to buy half of BPs 50% holding in the venture within the next two weeks. AAR, the group representing the billionaires, will notify the UK company of an intention to exercise its right to negotiate for the stake on about July 19, Mikhail Loskutov, a spokesman for the group, said on Friday. The proposal would leave AAR holding 75% of TNK-BP and BP 25%. The venture was valued at $64 billion in negotiations last year. BP announced on June 1 that it would pursue unsolicited approaches from bidders it didnt identify, raising the prospect of leaving a venture thats paid the company $19 billion in dividends since 2003 and accounts for a quarter of global output.
Judge orders JPMorgan to explain withholding emails
A US judge has ordered JPMorgan Chase & Co to explain why the court should not force the bank to turn over 25 internal emails demanded as part of an investigation into whether it manipulated electricity markets in California and the Midwest. The Federal Energy Regulatory Commission (FERC) filed a petition in federal court in Washington on Monday asking the court to order the bank to show cause as to why it would not comply with a subpoena issued by the commission as part of its investigation into the banks power trading. On Thursday, U.S. District Judge Colleen Kollar-Kotelly gave the bank until July 13 to submit an explanation as to why the court should not enforce FERCs subpoenas. JPMorgan has asserted the emails are protected by the attorney-client privilege. JPMorgan did not immediately respond to a request for comment.
Airbus got 230 net orders for planes by June end
Airbus said on Friday it had received 230 net aircraft orders this year through to the end of June, and delivered 279 planes in the same period. The plane manufacturer, owned by Franco-German group EADS, said it had received 253 gross orders for planes, which were then adjusted for cancellations. After dominating the market for narrowbody A320-family jets in 2011 thanks to a revamp of its best-selling model, Airbus has fallen sharply behind rival Boeing this year.
Bausch & Lomb could go public this year
Bausch & Lomb could go public as early as the end of this year, the Wall Street Journal reported, citing people familiar with the companys thinking. The eye-care companys chief executive Brent Saunders told Reuters last October that he was setting sights on an IPO for the company in the next couple of years. Bausch & Lomb and its private equity owner Warburg Pincus declined to comment.
Anglo wins regulatory nod for De Beers deal
Global miner Anglo American has secured the final regulatory approval for its $5.1 billion acquisition of the Oppenheimer familys stake in diamond producer De Beers, paving the way for the deal to close within the coming months. The approval from South Africas minister of Mineral Resources, announced on Friday, enables Anglo to formally offer the Botswana government a pro-rata share of the Oppenheimer familys 40% stake, under a long-standing pre-emption agreement. The government of Botswana, the worlds top diamond producing country, could increase its 15% stake in De Beers to 25% if it takes up the pre-emption right, meaning Anglos ownership would rise to just 75% though its purchase price reduces accordingly. If they do not, Anglos stake will rise to 85% of De Beers, the worlds largest diamond producer by value.