Rosneft has revealed plans of taking over rival Russian oil provider TNK-BP by April 1, 2013, source in the oil industry said with information about the deal.
Rosneft is set to pay $55 billion from its 50-50 shareholders, BP Plc and AAR, to purchase TNK-BP, which would complete one of the biggest acquisitions in the sector.
The state-owned company expects approval of its acquisition of the rival oil firm on March 7, 2013 from the antitrust regulators in Europe. If completed successfully, the deal would boost the domination of Rosneft in the Russian oil industry, surpassing number 1 oil supplier Exxon Mobil.
Meanwhile, approval from the European Commission is yet to be determined whether it would be forthcoming or not. Spokeswoman of Rosneft declined to comment on the approval date but hinted that they are in talks to mark the accurate date.
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