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UK still mulling Russian tycoon's N. Sea deal, has power to force sale

Reuters - UK Focus

LONDON, March 18 (Reuters) - The British government is still considering Russian billionaire Mikhail Fridman's acquisition of North Sea gas fields, but has made clear it has the power to require him to sell the assets, Prime Minister David Cameron's spokesman said on Wednesday.

Fridman, whose fund LetterOne bought 11 UK gas fields as part of a 5 billion euro ($5.29 billion) takeover of energy firm DEA from Germany's RWE (Xetra: 703712 - news) , has threatened to sue the government after it said it could force him to sell UK assets.

When asked about a Financial Times report that LetterOne was now considering selling the gas fields, Cameron's spokesman said:

"We have been clear from the outset that the Secretary of State [Ed Davey] has power to require divestment, and we've been very clear about our concerns, and we've been clear about the objective we want to achieve here." (Reporting by William James; Writing by Guy Faulconbridge; Editing by Andrew Osborn)