Russian government approves Rosneft's TNK-BP acquisition
By JAMES MARSON
MOSCOWRussia's government has approved state-controlled oil giant OAO Rosneft's $55 billion acquisition of TNK-BP from BP and its partners, a spokeswoman for Deputy Prime Minister Arkady Dvorkovich said Wednesday.
"All the directives on the purchase of 100% of TNK-BP by Rosneft have been signed," the spokeswoman said.
Rosneft agreed to deals last month to buy TNK-BP, Russia's third-largest crude producer, from BP and its partners, the AAR group of tycoons, for $55 billion in cash and shares.
Interfax Wednesday quoted a source as saying that Rosneft's board of directors had approved the purchase of the BP stake at a meeting Tuesday. A Rosneft spokeswoman confirmed that the acquisition had been discussed, but declined to comment on the decision.
Dow Jones Newswires
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