Deals
Cnooc Purchase of BP’s $7.1 Billion Argentine Unit Scrapped
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Cnooc Ltd.’s deal to buy BP Plc’s $7.1 billion stake in Argentine crude producer Pan American Energy LLC collapsed, 10 days after Argentina’s president ordered oil companies to repatriate export revenue.
BP will repay a $3.5 billion deposit it had received for the sale by Nov. 14, the company said after Bridas Corp., equally owned by Cnooc and the billionaire Bulgheroni family, announced Nov. 5 that the deal was canceled for “legal reasons.” Bridas owns 40 percent in Pan American and the purchase of the remaining 60 percent was pending Argentine antitrust approval.