Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

BP To Sell Stake In Pan American Energy; Seeks $9B-Source >BP

Thu, 22nd Jul 2010 21:23

By Taos Turner Of DOW JONES NEWSWIRES BUENOS AIRES (Dow Jones)--U.K. oil giant BP PLC (BP, BP.LN) has decided to sell its stake in Argentine unit Pan American Energy and is in talks with Argentina's Bridas Corp., a person familiar with the negotiations said Thursday. Reports have put the value of BP's 60% stake at around $9 billion and that is what BP is seeking, the person said. However, Bridas Corp. is offering $6.5 billion, the person said. Bridas already owns the other 40% of Pan American and has priority over any shares in the Argentine unit that BP should opt to sell. BP has been selling assets to raise cash to cover costs related to its massive oil spill in the Gulf of Mexico. "BP doesn't know how much cash it will need for what's left of 2010 and 2011," the person said. The person, who asked to remain anonymous given the ongoing nature of the talks, said BP plans to undergo a profound reorganization and that the sale of Pan American could occur within the next two or three months. BP Press Officer David Nicholas said from London that the company wouldn't comment on any plans that it may or may not have to divest in Argentina. "That's speculation," Nicholas said. "We don't comment on rumors. If and when we have announcements to make, we make them. We've informed governments in Pakistan and Vietnam that we're looking to divest in downstream assets there," he said. China National Offshore Oil Corporation Ltd., or Cnooc (CEO, 0883.HK) agreed in March to buy a 50% stake in Bridas from Argentina's Bulgheroni family. As BP's existing partner in Pan American, Bridas has considerable say over who gets to buy BP's shares in the event of a sale. If Bridas's offer under the first-refusal option isn't acceptable, BP would then draw up a short-list of potential buyers and submit it to Bridas, which could veto up to 50% of the companies on the list, according to the person. Moreover, if BP wanted to accept an offer from one of the remaining companies on the list, it would still have to give Bridas an opportunity to match the offer. Earlier this week, BP announced that it was selling some U.S.- and Canadian-based oil and gas assets to Apache Corp. (APA) for $7 billion. The deal also included selling an exploration concession in Egypt. BP also has suspended dividends and cut capital spending. "BP decided to withdraw from Pan American independently from these sales," the person familiar with the negotiations said. Bridas couldn't be immediately reached for comment. -By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com (END) Dow Jones Newswires July 22, 2010 16:23 ET (20:23 GMT)
More News
17 Apr 2024 17:36

Sustainable Finance Newsletter - Republican AGs look to limit climate groups

April 17 (Reuters) - In prior newsletters I have reported on the ongoing review by U.S. energy regulators of top asset managers' big utility holdings.

Read more
17 Apr 2024 13:55

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets.

Read more
17 Apr 2024 10:38

Carbon Done Right advances Sierra Leone rewilding project

(Alliance News) - Carbon Done Right Developments Inc on Wednesday said it has received the fourth disbursement of financing for its reforestation project in West Africa.

Read more
15 Apr 2024 17:10

LONDON MARKET CLOSE: Investors show nerves after Iran launches drones

(Alliance News) - Stock prices in London closed down on Monday, as tensions in the Middle East weighed on investors, with resources sliding as commodity prices fell.

Read more
15 Apr 2024 15:39

London close: Stocks slip on renewed geopolitical tensions

(Sharecast News) - London's equity markets markets experienced a downturn on Monday, with losses particularly notable in the mining and oil sectors, as investors remained cautious amid to escalating geopolitical tensions in the Middle East.

Read more
15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

Read more
15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

Read more
13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

Read more
12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

*

Read more
12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

Read more
12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

Read more
12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

Read more
12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.