EU executive clears acquisition of Morgan Stanley's oil unit by Rosneft

BRUSSELS Thu Sep 4, 2014 8:50am EDT

The logo of Russia's top crude producer Rosneft is seen on a price information board of a gasoline station in Moscow July 17, 2014. REUTERS/Sergei Karpukhin

The logo of Russia's top crude producer Rosneft is seen on a price information board of a gasoline station in Moscow July 17, 2014.

Credit: Reuters/Sergei Karpukhin

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BRUSSELS (Reuters) - The European Commission has approved the acquisition of parts of Morgan Stanley's Global Oil Merchanting Unit by OJSC Oil Company Rosneft of Russia, the Commission said on Thursday.

"The parties' activities overlap on various markets for oil and refined petroleum products, including fuel oil sales in the European Economic Area," the Commission said.

"The Commission concluded that the proposed acquisition would not raise competition concerns, because the overlaps are very limited and a number of strong players would remain in the market after the merger," it said.

(Reporting By Jan Strupczewski)

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