TNK-BP Delays Absorbing 4 Units

TNK-BP Holding's majority shareholders have voted against a proposal to absorb four fully owned subsidiaries because of the financial climate, a spokeswoman said Monday.

"To our knowledge, the main shareholders controlling a majority stake in TNK-BP Holding voted against the proposal," TNK-BP spokeswoman Marina Dracheva said, adding that minutes of the meeting would be available Tuesday.

"The company considers the recommended accession to be the right move, part of our restructuring," Dracheva said. The time isn't right because of the current financial situation, she said.

TNK-BP Holding, the oil producer's publicly traded unit, stopped accepting mailed votes on Wednesday in an extraordinary shareholders meeting on what Dracheva last week called a "technical" procedure. The restructuring began in 2005 to improve visibility and corporate governance, Dracheva said.