BP Sells Interest in PAE to Bridas for $7.06 Billion

BP Plc, seeking to cover clean-up costs in the Gulf of Mexico, agreed to sell its 60 percent interest in Pan American Energy to Argentina-based oil and gas company Bridas Corp.
Bridas will pay $7.06 billion in cash for the holding, making it the sole owner of PAE, BP said in a statement today. The transaction is expected to be completed in 2011.
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Source: Bloomberg