Russia is to merge its $45bn state-controlled oil and gas interests into Gazprom, consolidating the group's position as one of the world's largest energy companies and paving the way for the long-awaited liberalisation of the country's equity market.
Gazprom, which is 39 per cent owned by the state, is to acquire Rosneft, the fully state-owned oil group, through a share exchange. The transaction will raise the government's stake in the combined group to a controlling level of 50 per cent plus one share.
