top 20 quotes from mikhail fridman

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Top 20 quotes from Mikhail Fridman View more at here: http://bestskills.net

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  1. 1. Top 20 quotes from Mikhail Fridman View more at here: http://bestskills.net
  2. 2. 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 View more at here: http://bestskills.net
  3. 3. Our impression was that BP shareholders understood our concerns and recognized the need to begin a constructive dialogue. Mikhail Fridman View more at here: http://bestskills.net
  4. 4. 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 View more at here: http://bestskills.net
  5. 5. 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 View more at here: http://bestskills.net
  6. 6. 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 View more at here: http://bestskills.net
  7. 7. 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 View more at here: http://bestskills.net
  8. 8. As of today, we've had no contacts with anyone on this. Mikhail Fridman View more at here: http://bestskills.net
  9. 9. But we've have no approaches yet which leads us to the conclusion that there's no serious interest from anyone credible. Mikhail Fridman View more at here: http://bestskills.net
  10. 10. 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 View more at here: http://bestskills.net
  11. 11. The message was simple. The situation in TNK- BP today is not healthy. We do not have a constructive dialoguein fact, no dialogue whatsoeverwith BP management, and we wanted to draw the attention of BP shareholders to the need to get one going. Mikhail Fridman View more at here: http://bestskills.net
  12. 12. 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 View more at here: http://bestskills.net
  13. 13. There's always a chance. Mikhail Fridman View more at here: http://bestskills.net
  14. 14. This can all be discussed, we're open to this. Mikhail Fridman View more at here: http://bestskills.net
  15. 15. 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 View more at here: http://bestskills.net
  16. 16. We made several efforts to start dialog with the board but they were cut off sharply Mikhail Fridman View more at here: http://bestskills.net
  17. 17. 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 View more at here: http://bestskills.net
  18. 18. We sent this offer to BP but all we got was a brief response that it didn't interest them. No counterproposal. Mikhail Fridman View more at here: http://bestskills.net
  19. 19. 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 View more at here: http://bestskills.net
  20. 20. 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 View more at here: http://bestskills.net
  21. 21. 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 View more at here: http://bestskills.net
  22. 22. 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 View more at here: http://bestskills.net
  23. 23. View more at here http://bestskills.net