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Berlin approves sale of RWE oil and gas unit to Russia

22/08/2014 by

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The German government has given the green light to the sale of RWE's oil and gas unit to a Russian-led consortium. Berlin doesn't expect supply disruptions following the sale, despite tensions with Moscow over Ukraine.

The German Economics Ministry said Friday it didn't object to the purchase of gas and oil subsidiary DEA by a group of investors led by Russian business tycoon Mikhail Fridman.
A senior ministry official, Stefan Kapferer, told news agency Reuters that Berlin didn't expect any disruptions in the supply of gas and oil in the wake of the deal.

In addition, a spokesman for the LetterOne investor consortium said it had received permission from Germany for the transaction to go ahead.

In March, the Luxemburg-based consortium announced it would offer to buy DEA, the oil and gas subsidiary of German utility giant RWE, for 5.1 billion euros ($6.9 billion). The deal has been criticized in Germany amid tensions between Russia and Western nations over the crisis in Ukraine.
Theoretically, the German government has the right to block any takeovers it thinks will threaten public safety and order. RWE, which has already received anti-trust approval from the EU, said it expected the transaction to be finished by the end of the year.

This article has been extracted from http://www.dw.de, please click on this link to read the article in full http://www.dw.de/berlin-approves-sale-of-rwe-oil-and-gas-unit-to-russia/a-17871657

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