Business this week

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Business this week

Sep 4th 2008
From The Economist print edition



BP and its Russian partners in TNK-BP agreed on a plan to resolve a long-running dispute that has roiled the firm’s management. Three independent directors will be appointed to TNK-BP’s board, on which BP and AAR, the consortium of Russian investors in the joint venture, will have four representatives each. The firm’s 14-strong management committee, which oversees day-to-day business, will be reduced. The public may be offered 20% of the shares in a TNK-BP subsidiary. Bob Dudley will step down as TNK-BP’s chief executive. His replacement, to be nominated by BP, will be “a Russian-speaking candidate with extensive Russian business experience”. See article

In one of German banking’s largest mergers, Commerzbank agreed to take over Dresdner Bank in a deal worth