News Summary: Rosneft sees $5B savings in TNK deal

Associated Press

POCKETING BILLIONS: Russian oil company Rosneft said it could make up to $5 billion in savings when it combines its operations with those of its takeover target TNK-BP.

TROIKA: Rosneft is buying the 50 percent stake of British oil company BP for $17.1 billion and a 12.84 percent share of Rosneft. It is buying the other half, owned by a group of Russian billionaires, for $28 billion.

RAINING RUBLES: TNK-BP has so far been a considerable source of revenue for its owners. It has for years transferred 40 percent of its net profits to dividend payments.

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