AAR Sells TNK-BP Stake in Largest M&A Deal of 2012

Skadden is representing the consortium of Alfa-Access-Renova (AAR) in connection with the $56 billion sale of TNK-BP to Russian state-owned oil company Rosneft, announced on December 12. AAR's 50 percent stake in TNK-BP will be sold for $28 billion. The deal, which is the largest M&A transaction in 2012, brings to an end a joint venture between AAR and BP.