BRUSSELS, May 3: EU regulators approved on Thursday Norwegian oil company Statoil's takeover of the oil and gas activities of Norsk Hydro, judging that the deal would not stifle competition. “After examining the operation, the (European) commission concluded that the transaction would not significantly impede effective competition,” the EU antitrust watchdog said.
The two groups announced in December that state-controlled Statoil would buy the oil and gas activities of Norsk Hydro to create the world's largest offshore production group in a deal worth an estimated 23 billion euros ($30 billion).—AFP
