A newsflash from Reuters has reported that a UK court has issued an injunction on the BP-Rosneft deal, which is now on hold.
This won’t come as a surprise to BP. Bob Dudley told reporters on Tuesday morning:
There is a relatively low hurdle in the UK for granting an injunction. That may well happen today.
This came after a case brought by AAR, BP’s partners in TNK-BP, who have been far from happy about the Rosneft deal.
But Dudley will not be overly concerned by such a move. Earlier, he insisted that an injunction would be merely a “time-out” in the discussions.
UPDATE – Rosneft is echoing BP’s confidence. A spokesman has said:
All the risks were expected and the London court decision should not affect the essence of the deal.
Shareholders apparently agree. BP remains about 0.5 per cent up on the day, having moved largely on its results.