Morgan Lewis Reps Maersk In $2.4B Oil Asset Buy

Law360, New York (December 23, 2010, 5:29 PM EST) -- A unit of Danish shipping giant A.P. Moller-Maersk Group agreed Thursday to buy oil assets in Brazil from South Korea's SK Energy Co. Ltd. for $2.4 billion.

Maersk subsidiary Maersk Oil will buy SK do Brasil Ltda. From SK Energy on a cash and debt-free basis, Maersk said.

"The acquisition is consistent with our strategy as it will transform Brazil into a core producing country for Maersk Oil,” Maersk Oil CEO Jakob Thomasen said in a statement.

The purchase comprises three blocks, including a 40 percent...
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