Russia says completes Bashneft sale to Rosneft for $5.3 billion

MOSCOW (Reuters) - The Russian government has completed the sale of a controlling stake in mid-sized oil producer Bashneft to the Kremlin-owned Rosneft for 329.69 billion roubles (4.32 billion pounds), the economy ministry said on Wednesday. The sale is a part of a government privatisation drive aimed at narrowing the state budget deficit. The ministry, citing the minister, Alexei Ulyukayev, said Rosneft's bid was higher than a valuation of between 297 billion roubles and 315 billion roubles, while the unidentified second bidder offered a lower bid. President Vladimir Putin said earlier on Wednesday that Russia's privatisation drive will be more efficient after Rosneft purchases the state's stake in Bashneft. (Reporting by Vladimir Soldatkin; Editing by Adrian Croft)