Wednesday newspaper round-up: European Oil and Gas, Volkswagen, Santander

KKR, the American private equity giant, is set to invest hundreds of millions of dollars buying up European oil and gasfields, as it seeks to take advantage of depressed valuations in the industry after the collapse of world oil prices. KKR said yesterday that it was launching a new company, Trans European Oil and Gas, to invest in the sector, which has been battered by a slide in crude prices to below $50 from over $100 a year ago. – The Times