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UK/Russia: Rosneft to vote on BP shareholder veto power

By  |  May 30, 2013

Following British gas conglomerate BP’s move to acquire a 19.85 percent control in Russia power giant Rosneft, Rosneft shareholders have reportedly planned to meet and vote on whether to allow BP veto powers in future mergers. Sources say the vote – scheduled for June 20 – could determine whether BP can vote on the buying and selling of Rosneft shares. Reports say if the amendment to Rosneft’s charter is approved, BP will likely seek those veto powers. BP sold 50 percent of its TNK-BP to Rosneft earlier this year and upped its stake in the Russian company to become its second-largest shareholder, after Kremlin. If the amendments are voted in, minority shareholders like BP CEO Robert Dudley will see a significant increase in influence.

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