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Top 20 quotes from Mikhail Fridman
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ABOUT MIKHAIL FRIDMAN
Russian business oligarch Mikhail Fridman has an estimated net worth
of $14.6 billion as of March 2015 according to Forbes.. His massive net
worth is derived from banking, oil and telecom businesses. Currently,
he sits as the Chairman of the Supervisory Board of Alfa
Group Consortium, a company he founded in 1989. Today, Alfa
Group Consortium is considered as one of the largest private
investment groups in Russia.
Source: Therichest.com
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Our impression was that BP shareholders
understood our concerns and recognized the
need to begin a constructive dialogue.
Mikhail Fridman
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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.
Mikhail Fridman
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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.
Mikhail Fridman
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We don't make dumb investments; buying a
minority stake in a large public company isn't
a very effective way to influence
management.
Mikhail Fridman
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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.
Mikhail Fridman
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As of today, we've had no contacts with
anyone on this.
Mikhail Fridman
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But we've have no approaches yet which
leads us to the conclusion that there's no
serious interest from anyone credible.
Mikhail Fridman
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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.
Mikhail Fridman
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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.
Mikhail Fridman
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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.
Mikhail Fridman
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There's always a chance.
Mikhail Fridman
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This can all be discussed, we're open to this.
Mikhail Fridman
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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.
Mikhail Fridman
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We made several efforts to start dialog with the
board but they were cut off sharply
Mikhail Fridman
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So we made them another offer, which is for us
less attractive, but nonetheless we believed
that this situation needed to be resolved
somehow.
Mikhail Fridman
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We sent this offer to BP but all we got was a
brief response that it didn't interest them. No
counterproposal.
Mikhail Fridman
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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.
Mikhail Fridman
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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.
Mikhail Fridman
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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.
Mikhail Fridman
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As soon as the new board member is
appointed, TNK-BP management will ask the
Board to approve a multibillion-dollar lawsuit
against BP.
Mikhail Fridman
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