BP Sells Stake in Pan American Energy

Filed under: Deals, BP p.l.c. ADS (BP)

In a move intended to help it cover costs related to the oil spill in the Gulf of Mexico, BP (BP) has agreed to sell its 60% stake in Pan American Energy in South America. BP will collect more than $7 billion over the next year and the sale will give joint-venture partner Bridas Group control of the company.

This deal is the most recent in a series of BP asset sales intended to raise funds to cover the estimated $40 billion cost of the Deepwater Horizon disaster. BP says it has spent more than $5 billion so far. The company is estimated to have shrunk by nearly a quarter since the oil spill began last spring.

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BP Sells Stake in Pan American Energy originally appeared on BloggingStocks on Sun, 28 Nov 2010 11:10:00 EST. Please see our terms for use of feeds.

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