Sullivan Reps BP In $7B Asset Sale In Wake Of Spill

Law360, New York (November 29, 2010, 7:07 PM EST) -- BP PLC has agreed to divest its 60 percent stake in Argentine oil and gas company Pan American Energy in return for more than $7 billion, the latest in a series of asset sales to cover costs associated with the Deepwater Horizon disaster.

Bridas Corp. — which is co-owned by Bridas Energy Holdings and CNOOC, the Chinese state-owned oil and gas group — already owns 40 percent of Pan American Energy, and will pay BP $7.06 billion in cash for the remaining 60 percent, the British...
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