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Showing results for AAR Corp.
...Aircraft parts manufacturer AAR Corp said last month that chief John Holmes was awarded $7.3mn in stock to compensate him for pay lost due to bonus restrictions applied to companies that took Covid-19 relief...
...The Aar Tee group, which is named for the initials of its founder, Ravi Trehan, has deep ties to the GFG Alliance....
...The AAR declined to comment. Shippers rather than railroads usually own the tank cars. Railroads have joined the calls of others in the industry for tougher rules....
...But last October the AAR decided to issue a new standard for tank cars in the face of slow decision making by regulators....
...BNSF said that the railroad industry as a whole backed the position of the AAR in favour of adopting tougher standards for tank cars....
...BP received $12.48bn in cash and a 19.75 per cent stake in Rosneft while AAR walked away with $28bn....
...This time, Rosneft paid a handsome price to BP and the AAR consortium of oligarchs, which owned TNK-BP 50:50....
...In February a second consortium of banks agreed to lend $14.2bn of the remaining $28bn needed to buy the second 50 per cent stake in TNK-BP from AAR, according to the Rosneft statement....
...Rosneft paid AAR $28bn for their share in TNK-BP this year as Russia’s state oil company consolidated control over the oil industry....
...Fedun was quoted as saying state-controlled Rosneft was likely to buy both the BP stake and that of the oligarchs, known as AAR – indeed he suggested Rosneft might be obliged to buy both....
...Rosneft, BP and AAR played moves reminiscent of a Russian chess battle as Rosneft manoeuvred around AAR’s oligarchs to shape the world’s largest listed oil company....
...Others wonder how Rosneft can finance a buyout of TNK-BP from both BP and AAR....
...In 2011, however, BP and Rosneft offered $32bn for the 50 per cent stake in the joint venture owned by the oligarchs’ AAR consortium....
...His attempt as BP chief to clinch a $16bn share swap deal with Rosneft last year was blocked in the courts by AAR....
...And with the departure of AAR, TNK-BP’s 50 per cent owners, there are no independent-minded billionaires of any weight left in the oil business, except for possibly Lukoil’s CEO Vagit Alekperov....
...AAR has expressed an interest in buying BP’s share of TNK-BP, but Russian state oil company Rosneft has said it is also considering a bid....
...AAR has taken BP to international arbitration, claiming it breached the venture’s shareholder pact. BP has denied this....
...At the moment, the shareholders – BP and AAR, the vehicle through which the Russians hold their stake – each have four representatives on the board....
...“The minorities’ lawsuit revolves around the same issues which AAR has raised with the Stockholm Tribunal, namely BP’s breach of the TNK-BP shareholder agreement with AAR and the damages suffered by TNK-BP...
...Buying AAR’s stake in TNK-BP could cost BP (and Rosneft) $30bn: a stretch, given BP’s financial commitments in the US....
...The deal collapsed on Monday after talks to buy out AAR’s stake in TNK-BP for $32bn foundered in a last-ditch bid to lift a legal injunction against the deal before a midnight deadline....
...But the alliance faced stiff resistance from AAR which claimed it was in breach of their shareholder agreement for TNK-BP....
...The UK oil group has also stressed that talks would continue with both Rosneft and AAR, which opposed the BP-Rosneft tie-up....
...According to AAR, the shareholders’ agreement stipulates that TNK-BP should have the right of first refusal to executive opportunities identified by BP or AAR in Russia or Ukraine....
...AAR says the agreement stipulates that either side must forward new ventures for the review of TNK-BP’s board....
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