$8B BP-Rosneft Deal To Remain On Hold For Now

Law360, New York (April 8, 2011, 7:09 PM EDT) -- BP PLC announced Friday that an injunction placed on its proposed $7.8 billion share swap with Russian state-owned oil company Rosneft by a U.K. court would remain in place indefinitely.

However, there is a possibility that the April 14 deadline for the termination of the share swap agreement would be extended, pending negotiations, according to BP.

The arbitration tribunal ruled against the deal in March and said that a preliminary injunction issued by the High Court of Justice in London that blocked the deal with Rosneft...
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