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Russia: $55B oil merger to close three months early, says source

By  |  February 25, 2013

According to a source, Rosneft is set to buy its rival TNK-BP by April 1, a date that would make the merger final three months ahead of schedule. The deal marks one of the largest in the industry as Rosneft would reportedly pay about $55 billion from AAR and Britain’s BP, who currently jointly own TNK-BP. The source also said that European antitrust authorities are likely to approve of the merger on March 7, though did not give an outlook on the European Commission’s approval. If successful, the merger would make Rosneft the largest oil producer, taking first place ahead of the current leader Exxon Mobil.

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