EU approves Rosneft's takeover of TNK-BP

The European Union antitrust authority approved OAO Rosneft’s planned takeover of TNK-BP from BP PLC and others as outlined in previously announced agreements (OGJ Online, Nov. 26, 2012).

The EU antitrust authority said in a statement that its investigation did not find any competition concerns because “the merged entity would continue to face constraints from a number of strong competitors.”

Rosneft signed an agreement with a group of Soviet-born billionaires to buy their 50% stake in TNK-BP and also reached a similar agreement with BP to buy the other half of the venture.

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