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ARICOM TAKE OVER

Peter Hambro in talks to take over Aricom

Anglo-Russian miner Aricom said it was in early talks that may lead to an all-share offer from gold miner Peter Hambro Mining Plc.

Posted:  Friday , 09 Jan 2009 LONDON (REUTERS) - Anglo-Russian miner Plc said on Friday it was in early talks that may lead to an all-share offer from gold miner Peter Hambro Mining Plc, prompting Aricom's shares to surge almost 80 percent.Aricom, which mines iron ore and other minerals in Russia's far east for clients in resource-hungry China, said any share offer would be made "at a substantial premium to the current share price."

The company was spun off from Hambro, Russia's second largest gold miner, in 2003. Peter Hambro, Hambro's executive chairman, and Pavel Maslovskiy, Hambro's deputy chair, both sit on Aricom's board. Maslovskiy and Hambro each own a 7.4 percent stake in Aricom, according to Reuters data, making them the second and third-largest shareholders, respectively. "There is no certainty that any offer will be forthcoming," Aricom said in a statement, adding that Morgan Stanley is advising on the deal. Aricom, listed on London's FTSE 250 mid-cap index, said in October it was searching for $1 billion in external funds for an iron-ore project to supply clients in China. It said it was considering a loan or teaming up with a strategic partner. Aricom, which also mines titanium, posted its first profit last February and is developing several mines in eastern Russia to deliver iron ore concentrate to the Chinese market at a fraction of the cost of Australian shipments.

BP signs peace deal with Russian partners

January 9 2009 22:46. BP and its Russian partners in the TNK-BP joint venture have signed the peace deal they agreed in principle in 2008, weakening the British group’s grip on the company.

The deal, which followed months of conflict over the venture, leaves two of the Russian shareholders in powerful executive roles.

It will also lead to the appointment of a new chief executive, who must be approved by the Russian tycoons who own 50 per cent of TNK-BP.

TNK-BP staff and former BP executives have said the influence of the Russian shareholders has been growing in recent months, with many western managers leaving the company.

The Alfa-Access-Renova group, through which the Russian tycoons Mikhail Fridman, German Khan, Len Blavatnik and Viktor Vekselberg hold their stake in TNK-BP, argues that the management changes will make the venture stronger.

AAR said on Friday: “We are pleased that the changes we have been advocating have now been agreed. As a result, the company’s management can now fully focus on the successful development of TNK-BP as a leading independent oil company in the interests of all stakeholders.”

The joint venture is a very important business for BP, accounting for a quarter of its production, although a smaller proportion of its profits because of the heavy taxes on Russian oil.

Under the deal, which was agreed after sustained legal and regulatory pressure on the venture, the board of TNK-BP Management, which provides the senior executive team for the group, will shrink from 13 members to six.

Mr Khan and Mr Vekselberg, who served on the previous team under Bob Dudley, the BP-backed chief executive who stepped down last month, are expected to retain their positions.

Denis Morozov, 35, the former chief executive of Norilsk Nickel, is expected to be confirmed as the new chief executive in the next few weeks. He was described by Mr Vekselberg as having a “very high” chance of being appointed.

The new board for the TNK-BP group is expected to be announced at the same time. Two directors are set to leave, one from the BP side and one from the AAR side, to be replaced by three “independent” directors.