Gazprom/TNK Bears, tigers and lions

Apart from the rough and ready tactics, it could prove a good match. Russian gas giant Gazprom has finally said openly that it wants to buy out BP’s local partners in its Russian operation, TNK. BP has first refusal over that 50% stake, which has a market value of about $20bn. Yet it probably will have little choice but to defer to Gazprom. True, the UK oil major would then have to live with a Russian state-controlled behemoth at its side instead of its current partners, a group of oligarchs. Ef...