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Friday, March 8, 2013

Rosneft moves closer to TNK-BP deal with EU clearance, (NYSE: XOM)

Russian oil producer Rosneft moved closer to finalising its $55 billion takeover of TNK-BP <TNBP.MM after winning EU regulatory approval for one of the biggest deals in the sector.State-owned Rosneft is buying TNK-BP from private Russian group AAR and British oil company BP in two separate deals that will help it leapfrog world No. 1 Exxon Mobil .Reuters last week reported the European Commission was expected to give unconditional approval.The EU antitrust authority said in a statement that its investigation did not find any competition concerns.

Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.09% or $-0.08/share to $88.63. In the past year, the shares have traded as low as $77.13 and as high as $93.67. On average, 13071900 shares of XOM exchange hands on a given day and today's volume is recorded at 3918213.