Russian Business Executive Mikhail Fridman Quotes

Find famous quotes collection by business executive, philanthropist and co-founder of Alfa-Group Mikhail Fridman.

  • Our impression was that BP shareholders understood our concerns and recognized the need to begin a constructive dialogue.
  • This is absolutely a key investment for Russia. Now BP produces more oil in Russia than in any other country…. that’s why they don’t want to move on anything. Now the question is whether this company will remain independent or will work like a branc
  • 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.
  • 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.
  • We don’t make dumb investments; buying a minority stake in a large public company isn’t a very effective way to influence management.
  • 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.
  • As of today, we’ve had no contacts with anyone on this.
  • But we’ve have no approaches yet which leads us to the conclusion that there’s no serious interest from anyone credible.
  • 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.
  • 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.
  • 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.
  • There’s always a chance.
  • This can all be discussed, we’re open to this
  • 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.
  • We made several efforts to start dialog with the board but they were cut off sharply
  • So we made them another offer, which is for us less attractive, but nonetheless we believed that this situation needed to be resolved somehow.
  • We sent this offer to BP but all we got was a brief response that it didn’t interest them. No counterproposal.
  • 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.
  • 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.
  • 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.
  • As soon as the new board member is appointed, TNK-BP management will ask the Board to approve a multibillion-dollar lawsuit against BP

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