SLI revolts over BP/Rosneft share swap

Standard Life Investments (SLI), one of BP's top 10 investors, has withdrawn its backing for the oil giant's deal with Russian energy group Rosneft after warning share swaps alone "rarely do anything positive".

BP is losing shareholder support as it attempts to salvage the share-swap part of the $16bn (£10bn) Arctic oil deal with Rosneft, the 75% state-owned Russian energy group, the Telegraph reports. SLI, which has a 1.6% holding in BP, has withdrawn its backing after last week's ruling by a Swedish arbitration court that the exploration side of the pact broke an agreement with TNK-BP, the British group's existing Russian joint venture. BP wants to push ahead with the share-swap and on Monday plans to ask the court to rule on whether that also breaches the TNK-BP shareholder agreement. ...