Open Joint Stock Company Rosneft Oil Company (LSE:ROSN) made an offer to acquire 12.79% stake in Open Joint Stock Company RN Holding (MICEX:TNBP) from Novy Investments Limited and minority shareholders for approximately RUB 150 billion in cash on September 29, 2013. The Board of Directors of Open Joint Stock Company Rosneft Oil Company resolved to make an offer at RUB 67 per equity share and RUB 55 per preferred share. The Management Board of Rosneft has been instructed to prepare and present to the Board of Directors before October 15, 2013, the documents required for the voluntary offer.

On October 18, 2013, Rosneft submitted the offer to the minority shareholders and Central Bank Financial Markets Service. The offer applies to 1.9 billion common and 450 million preferred shares of RN Holding. Citigroup Global Markets Limited submitted a report to the board of directors of RN Holding stating that the premium that Rosneft is offering on the price of the RN Holding common and preferred shares under the voluntary offer is within the bounds of market figures offered by buyers in comparable market deals. As of November 15, 2013, The board of directors of RN Holding recommended shareholders to accept the offer. Citigroup Global Markets Limited acted as fairness opinion provider to RN Holding. Bank of America Merrill Lynch acted as financial advisor for Open Joint Stock Company Rosneft Oil Company. Cravath, Swaine & Moore LLP acted as legal advisor for Citigroup. Deutsche Bank OOO acted as financial advisor for Open Joint Stock Company Rosneft Oil. Closed Joint-Stock Company VTB Capital acted as financial advisor to OJSC Rosneftegaz, parent of Rosneft.

Open Joint Stock Company Rosneft Oil Company (LSE:ROSN) completed the acquisition of 12.79% stake in Open Joint Stock Company RN Holding (MICEX:TNBP) from Novy Investments Limited and minority shareholders on January 20, 2014. As on March 11, 2014, Open Joint Stock Company Rosneft Oil Company posted an offer to squeeze out remaining shareholders in Open Joint Stock Company RN Holding at the same price.