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EU approves Rosneft to take over TNK-BP

BRUSSELS --The European Union' s antitrust authorities Friday cleared Russian energy company Rosneft to take over troubled Russian venture TNK-BP.

The European Commission' s investigation "confirmed that the proposed acquisition did not raise competition concerns because the merged entity would continue to face constraints from a number of strong competitors, while its customers would be capable of switching both to other suppliers as well as to other means of transportation for their crude oil demands," the commission, which has antitrust powers in the EU, said in a statement.

As part of the investigation, EU authorities were also examining if Rosneft acts independently or its activities are coordinated by the state, but ended up not answering that question because it approved the takeover, it said in the statement.

Dow Jones Newswires

03/08/2013

 

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