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In the share swap, Caixa Geral gets a 14.8percentt stake in Unibanco.
The deal would involve a partial share swap for a 10.3 percent stake in PT Bumi Resources, a subsidiary.
Rosneft would still want a share swap, which other oil companies, lacking BP's Russian experience, may not find palatable.
The deal, which was announced on Friday, includes a share swap agreement between the companies worth about $7.8 billion.
For the share swap and Arctic ventures, however, Mr. Dudley instead negotiated directly with the state oil company, Rosneft.
Osaka shareholders must still approve the merger at a meeting expected later this year, preceded by a share swap.
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But how would a share-swap conducted outside an exploration deal help?
The share-swap would still strengthen BP's presence in Russia and could ease its participation in future oil deals.
Given that RUSAL is a private company registered in Jersey, Norilsk's minority investors are unlikely to be interested in a share-swap.
LONDON — The oil giant BP made a crucial concession on Friday in an attempt to salvage a share-swap agreement with Rosneft, the Russian state-controlled oil company.
The meeting also saw the board grilled over its delayed £10bn share-swap and exploration deal with Russian state-controlled oil company Rosneft.
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