BP’s $7.1bn deal to sell a majority stake in Argentina’s second-largest oil producer to Bridas has collapsed in acrimony.
Bridas blamed the UK oil group for the failure of the sale of the stake in Pan American Energy . “The decision was prompted by legal issues, by the manner in which BP has behaved during the transaction and the signature,” it said.
Bridas, an Argentina-based oil and gas group, is jointly owned by Cnooc of China and Argentina’s Bulgheroni family. Pan American was not available for comment.
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