Russian Government Approves Rosneft's TNK-BP Acquisition

MOSCOW - Russia's government has approved state-controlled oil giant OAO Rosneft's $55 billion acquisition of TNK-BP from BP PLC and its partners, a spokeswoman for Deputy Prime Minister Arkady Dvorkovich said Wednesday.

"All the directives on the purchase of 100% of TNK-BP by Rosneft have been signed," the spokeswoman said.

Rosneft agreed deals last month to buy TNK-BP, Russia's No. 3 crude producer, from BP and its partners, the AAR group of tycoons, for $55 billion in cash and shares.

Interfax Wednesday quoted an unnamed source as saying that Rosneft's board of directors had approved the purchase of the BP stake at a meeting Tuesday. A Rosneft spokeswoman confirmed the acquisition had been discussed, but declined to comment on any decision.

Copyright (c) 2012 Dow Jones & Company, Inc.

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