BP Plc (BP/)’s billionaire partners plan to bid for half of the U.K. oil producer’s 50 percent holding in Russian venture TNK-BP, rather than buying the entire stake valued at $32 billion last year. AAR, the group representing the billionaires, will notify the U.K. company of an intention to negotiate for the stake on about July 19, Mikhail Loskutov, a spokesman for the group, said today by e-mail. In June, the London-based company said it was considering exiting the venture after receiving proposals to buy its shareholding. TNK-BP has paid the London-based producer $19 billion in dividends since 2003 and accounts for a quarter of the company’s global output. BP Chief Executive Officer Bob Dudley decided to look for a sale after fighting repeatedly with the Russian partners, who last year blocked an alliance between the British company and Russia’s OAO Rosneft.
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