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Tuesday, 02 December, 2008, 20:50 GMT | more >>

Europe 'to give StatoilHydro the nod'



By Upstream staff 

Norwegian giant Statoil is expected to win approval from the European Commission this week to buy Norsk Hydro's oil and gas assets in a $30 billion deal, according to reports.

At one point, many had expected the deal to undergo in-depth scrutiny that would have dragged out the review for months.

However a source familiar with the situation told Reuters today that EC approval is expected to come through this week.

The tie-up will create the world's biggest offshore oil and gas production company, with this year's output estimated at about 1.9 million barrels of oil equivalent per day.

Once the merger has been completed, the new company will employ around 31,000 workers, including 5000 from Hydro. Statoil boss Helge Lund will head StatoilHydro.

The name of the merged company will be StatoilHydro. The companies will submit their merger proposals for approval at extraordinary general meetings of Statoil and Hydro, expected in the middle of the year.


Tuesday, 01 May, 2007, 12:47 GMT  | last updated: Tuesday, 01 May, 2007, 12:54 GMT

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