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By: Stephen Bates

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Sunday, 24-Aug-2014 22:43 Email | Share | Bookmark
Germany Gives Nod To Rwe Unit Sale To Russian Investor: Sources

As part of the deal, Fridman, Russia's second-richest man, and his co-investors get stakes in about 190 oil and gas licenses or concessions in Europe, the Middle East and North Africa. The German government could theoretically have used a clause in its foreign trade law that allows it to block takeover deals that threaten "public safety and order", but it would have been an unprecedented move. RWE has previously said it expects the deal, which has already got antitrust approval from the European Union, to be finalised this year. The transaction came under criticism from senior German politicians in March as relations between Russia and the West deteriorated over Ukraine. Germany currently receives more than a third of its gas and [source] oil from Russia. RWE, like other German utilities, is struggling to adjust to a power sector shake-up as Germany moves away from nuclear energy and encourages a shift to more renewables, while Europe's energy demand is weak. <br>More:

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