Deals
Samsung C&T, KNOC to Acquire Parallel Petroleum From Apollo
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Samsung C&T Corp., the trading arm of Samsung Group, agreed to buy Parallel Petroleum Corp. from Apollo Global Management LLC in what may be the biggest overseas energy takeover by a South Korean company this year.
Samsung C&T will purchase a 90 percent stake in the Midland, Texas-based oil and gas producer, while state-owned Korea National Oil Corp. will buy the rest, according to a regulatory filing in Seoul today. Samsung C&T said it plans sell part of its stake in Parallel Petroleum to investors.