BP sells stake
Oil giant BP has agreed to sell its 50 per cent stake in TNK-BP to Russia's Rosneft in return for cash and shares. The UK firm will get $US17.1bn ($F30.29bn) cash and a 12.84 per cent stake in Rosneft, enabling BP to continue to share in Russia's vast energy resources. BP has agreed to eventually use some of the cash to buy further Rosneft shares, taking its stake to 19.75 per cent.
Yahoo has posted a 2 per cent rise in revenues for the first three months under the leadership of its relatively new chief executive Marissa Mayer. The internet group's revenues for the third quarter of 2012 totalled $US1.09bn ($F1.93bn), compared with $US1.07bn ($F1.89bn) for the same period of last year. Yahoo's net profit soared to $US3.2bn ($F5.66bn), from $US298m ($F527.9m) a year earlier.
Germany, the main funder of the eurozone's many bailouts, may see its economy shrink by the end of the year as the crisis bites, the central bank has warned. Europe's largest economy will grow in the third quarter, but may experience a "slight contraction" in the last three months, the Bundesbank said. Germany has so far continued to grow while many of its neighbours shrink.
Canada has blocked a $US5.2bn ($F9.2bn) takeover bid from Malaysia's Petronas, saying it would not benefit the country. Petronas had wanted to buy Canadian oil and gas firm Progress Energy Resources. It now has 30 days to adjust its offer. Analysts said the move raises questions about Canada's appetite for foreign investment in key industries.