Deals
Cnooc Venture to Buy Pan American Stake for $7 Billion
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Bridas Corp., the oil company owned by Chinese crude producer Cnooc Ltd. and Argentina’s billionaire Bulgheroni family, agreed to pay BP Plc $7.06 billion for the 60 percent it doesn’t already own of Pan American Energy LLC.
Bridas Energy Holdings Ltd. and Cnooc, which each own 50 percent of Bridas Corp., will pay $2.47 billion apiece to finance the acquisition, with the remaining $2.12 billion to come from third-party loans or additional funds from the two companies, Cnooc said in a statement yesterday. The deal will probably be completed in the first half of next year.