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22

TNK-BP Shareholders Against 4 Subsidiaries Absorbtion

The current financial situation is not relevant for this move, says TNK-BP spokeswoman Marina Dracheva

The main shareholders controlling a majority stake in TNK-BP Holding voted against the proposal to absorb four fully owned subsidiaries, Dracheva told the reporters.

"The company considers the recommended accession to be the right move, part of our restructuring. But the time isn't right because of the current financial situation", she added.

TNK-BP Holding, the oil producer's publicly traded unit, stopped accepting mailed votes on Wednesday in an extraordinary shareholders meeting on what Dracheva last week called a "technical" procedure. The restructuring began in 2005 to improve visibility and corporate governance, The Moscow Times reported.

Author: Ksenia Kochneva