According to Reuters, Chinese energy conglomerate CEFC had already started paying for a stake in Russian oil company Rosneft when China’s economic crime police took its chairman Ye Jianming away, halting the US$9.1 billion deal in its tracks, according to three sources close to the matter.
The acquisition of the stake in Russian state oil firm was seen as strengthening relations between Russia and China, the world’s top energy exporter and top energy consumer.
The sources declined to say how much had been paid, though one did say the fact that some money has changed hands would make it more difficult for any party to back out of the deal.
CEFC founder and chairman Ye was put under investigation by Chinese authorities over suspected economic crimes, Reuters reported at the beginning of March, and he will reportedly step down from his position at the firm.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Moves to Ban Non-Compete Agreements, Aiming to Boost Labor Mobility
Apr 23, 2024 by
CPI
Federal Judge Nods at $418M Deal in Real Estate Antitrust Suit
Apr 23, 2024 by
CPI
Mexican Watchdog Probes Amazon and Mercado Libre Over Loyalty Bundles
Apr 23, 2024 by
CPI
Competition Commission of India to Probe AI Landscape for Competition
Apr 23, 2024 by
CPI
Canada’s Agricultural Giants in Antitrust Spotlight
Apr 23, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI