RWE-Dea, Germany’s second largest oil firm, has been sold to a group of Russian investors. The €5.1bn ($7.1bn) sale by financially troubled utility giant RWE to LetterOne, an investment vehicle headed by Mikhail Fridman, Russia’s second richest man, was announced on 17 March, ending months of speculation over the fate of Dea.

It also puts an end to the prospect that the RWE subsidiary would merge with Wintershall, Germany’s largest international oil company (IOC), to create a German ‘national champion’ with a substantial MENA presence (see p17). (CONTINUED - 576 WORDS)