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BP Plc plans to buy the oil refineries and convenience stores of German electric and gas utility E.ON AG for as much as $5.1 billion, Bloomberg reported in its online edition Sunday, citing people familiar with the situation. A deal could be announced as early as Monday, the report said.
The acquisition of more than 2,500 gas stations in Germany from E.ON would give BP the dominant share in Europe's largest economy. E.ON, the second largest European provider of electricity, is selling its Veba Oel group so that it may buy suppliers of electricity and natural gas in Europe and the U.S. it said.
The move, if approved by European Union regulators, would expand BP market share in Europe and catapult it into one of the leading oil and gas providers in Germany, the report said.
BP couldn't be immediately reached for comment.