top 20 quotes from mikhail fridman

Top 20 quotes from Mikhail Fridman

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ABOUT MIKHAIL FRIDMAN

Russian business oligarch Mikhail Fridman has an estimated net worth

of $14.6 billion as of March 2015 according to Forbes.. His massive net

worth is derived from banking, oil and telecom businesses. Currently,

he sits as the Chairman of the Supervisory Board of Alfa

Group Consortium, a company he founded in 1989. Today, Alfa

Group Consortium is considered as one of the largest private

investment groups in Russia.

Source: Therichest.com


Our impression was that BP shareholders

understood our concerns and recognized the

need to begin a constructive dialogue.

Mikhail Fridman


They're under pressure on several fronts, in the

U.S., Argentina, India, and here in Russia.

They're trying to buy time, to reassure investors

by saying 'don't worry, we have offers.

Mikhail Fridman


For us the most preferable option would be to

sell AAR's stake for cash and BP shares over an

extended period - say, 5-7 years – gradually,

but with the terms spelled out up front.

Mikhail Fridman


We don't make dumb investments; buying a

minority stake in a large public company isn't

a very effective way to influence

management.

Mikhail Fridman


Our view is that there are no serious buyers,

ones who would be ready to lay out large

sums for shares in TNK-BP. Any foreign

company would face a very complex process

of getting approvals.

Mikhail Fridman


As of today, we've had no contacts with

anyone on this.

Mikhail Fridman


But we've have no approaches yet which

leads us to the conclusion that there's no

serious interest from anyone credible.

Mikhail Fridman


Our message to investors was that if they

expect a check for $25 billion to $30 billion to

show up at BP [for its interest in TNK-BP], they

have been badly misled by BP management.

Mikhail Fridman


The message was simple. The situation in TNK-

BP today is not healthy. We do not have a

constructive dialogue—in fact, no dialogue

whatsoever—with BP management, and we

wanted to draw the attention of BP

shareholders to the need to get one going.

Mikhail Fridman


We doubt it has any basis in fact. Our

understanding is that among Russian

companies, not one has conducted any

serious negotiations with BP and no one

intends to.

Mikhail Fridman


There's always a chance.

Mikhail Fridman


This can all be discussed, we're open to this.

Mikhail Fridman


It's a black box for us. We talk only to top

management. What they tell their board, we

don't know. What management tells us they

hear from board is diametrically different from

what major BP shareholders told us directly.

Mikhail Fridman


We made several efforts to start dialog with the

board but they were cut off sharply

Mikhail Fridman


So we made them another offer, which is for us

less attractive, but nonetheless we believed

that this situation needed to be resolved

somehow.

Mikhail Fridman


We sent this offer to BP but all we got was a

brief response that it didn't interest them. No

counterproposal.

Mikhail Fridman


After this, I decided to resign (as CEO)

because we weren't able to start constructive

dialog. In addition, the absence of a quorate

Board created potential liabilities for me

personally, which I didn't want to be exposed

to.

Mikhail Fridman


The main problem we have is that we don't

have a dialog with BP management on any of

the difficult issues that TNK-BP and our

relationship are facing.

Mikhail Fridman


We see clear efforts on the part of BP to drag

out the appointment of new independent

directors" as a way to prevent TNK-BP from

starting a lawsuit against BP for damages from

the failed Rosneft deal. "They want to drag it

out endlessly. BP is approaching this process

not as a search for an independent director,

but as a jury selection process.

Mikhail Fridman


As soon as the new board member is

appointed, TNK-BP management will ask the

Board to approve a multibillion-dollar lawsuit

against BP.

Mikhail Fridman


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top 20 quotes from mikhail fridman

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