Citi To Sell Phibro Unit For $250M

Law360, New York (October 9, 2009, 4:38 PM EDT) -- Citigroup Inc. has reached an agreement to sell Phibro LLC, a commodities trading firm whose top trader was set to receive a controversial bonus, to oil and gas producer Occidental Petroleum Corp. for about $250 million.

Occidental will acquire the trading firm for the approximate net asset value of the business, which is expected to equal about $250 million, the company said Friday.

Citi and Occidental plan to close the deal by the end of the year, pending regulatory approvals.

Andrew Hall, the head of Phibro's...
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