Deals
Rosneft to Buy TNK-BP for $55 Bln in 3rd-Biggest Oil Deal
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OAO Rosneft agreed to buy TNK-BP, a 50-50 venture between BP Plc and a group of billionaires, for $54.8 billion in the third-biggest oil acquisition ever.
After the deal, state-run Rosneft will match the output of Exxon Mobil Corp., the world’s largest publicly traded oil producer, and control more than 40 percent of Russia’s crude output. President Vladimir Putin, who’s sought to reassert government control over the oil and gas industry, said today’s accord was important for the Russian economy.