By Stephen Bierman
Nov. 10 (Bloomberg) -- Russia's antitrust body signed off on the second of two ``pre-conditions'' for India's Oil & Natural Gas Corp. to buy explorer Imperial Energy Plc as the Asian country's largest oil company seeks to expand reserves.
The Federal Anti-Monopoly Service approved the purchase under legislation governing transactions involving companies controlled by a foreign state, Sergei Noskovich, a spokesman, said by telephone today in Moscow. The service already approved the takeover under competition law on Nov. 7.
ONGC, 74 percent owned by the Indian state, said today it had received antitrust approval to takeover over London-traded Imperial and is yet to get permission from a government commission on companies that are controlled by a foreign state buying Russian assets. The anti-monopoly service has made this decision in favor of ONGC, Noskovich said.
A representative of ONGC has to physically receive the documents in Moscow, before the service posts a statement on its Web site, the official said.
Imperial Energy fell as much as 16 percent to 891 pence and was trading 8 percent lower at 980 pence at 11:16 a.m. London time.
R.S. Sharma, Chairman of ONGC, didn't immediately answer calls made to his cellphone. R.S. Butola, Managing Director of ONGC Videsh Ltd., the company's overseas unit, wasn't immediately available for comment.
To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net
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