Gazprom Neft confirms Sibir Energy deal

MOSCOW, April 24 (UPI) -- Russian energy giant Gazprom confirmed Friday its oil division had acquired a minority stake in Sibir Energy in a bidding war against TNK-BP.

Gazprom Neft, the oil arm of Gazprom, launched a bidding war against TNK-BP to take a 16-percent stake in oil producer Sibir Energy in what is seen as a potential takeover, the Financial Times reports.

Sibir Energy confirmed Thursday that a buyer had come forward with an informal offer following rumors of the deal in the international media.

Sibir Energy controls a 50-percent stake in the Moscow Refinery and the Salym Petroleum Development, a joint venture with Royal Dutch Shell.

Credit Suisse had entered bids earlier in the week on behalf of TNK-BP, but RIA Novosti reports the Anglo-Russian venture backed out of the deal.

Alexander Dyukov, the board chairman at Gazprom Neft, called Sibir Energy a "promising company" with which it held common interests.

The acquisition was valued at about $992 million.