ADVFN - Advanced Financial Network.
HOME» LSE » B » BP. Share Price » BP. Share News

Bp Share News

 Bp Share Price
BP. Share Price
 Bp Share Chart
BP. Share Chart
 Bp Share News
BP. Share News
 Bp Company Information
BP. Company Information
 Bp Share Trades
BP. Share Trades
 Bp Share Message Board
BP. Share Message Board

BP Sues Bridas Over Collapsed Pan American Energy Deal

LONDON -(Dow Jones)- BP PLC (BP.LN) Tuesday confirmed it has filed a suit with a U.S. federal court asking it to uphold the termination clauses of its collapsed deal with Argentina's Bridas Corp. BP has also asked a judge to rule that Bridas isn't entitled to a $700 million termination fee if the deal is deemed invalid, according to a U.S. court filing. BP in 2010 agreed to sell its 60% stake in Pan American Energy LLC to Bridas, which holds the other 40% of the company, for $7.1 billion. The deal collapsed in November after Bridas pulled out. According to the court papers, Bridas accused BP of failing to disclose certain "facts" and that it considered the original purchase agreement "null and void." According to BP, the $700 million compensation fee paid to Bridas when the deal collapsed was returned by Bridas, which claimed the "area of mutual interest" clause in the original deal--an agreement that seeks to define which geographical lands the parties are allowed to extract oil and gas from--was still in force and the mutual release wasn't effective. However, Bridas now wants the $700 million to be paid to it and is also demanding that the "area of mutual interest clause" remains in effect, said BP, describing this as "a completely inconsistent position." "Bridas's claim of fraud is groundless and BP is confident that its case against Bridas is sound," said BP. Attempts to reach Bridas for comment were unsuccessful. -By Alexis Flynn, Dow Jones Newswires; +44 207842 9471, alexis.flynn@dowjones.com

Share News for Bp (BP.)
DateTimeHeadline
01/04/201518:26:21Business Leaders Voice Support for U.K.'s Conservative Party
01/04/201517:12:34LONDON MARKETS: FTSE 100 Starts April On Strong Note After PMI...
01/04/201510:49:00LONDON MARKETS: FTSE 100 Kicks Off April On Strong Note After...
01/04/201508:53:13LONDON MARKETS: FTSE 100 Kicks Off April On Upbeat Note
31/03/201517:54:06LONDON MARKETS: FTSE Tanks, But Marks Best Quarter Since Dec...
31/03/201517:21:51BP PLC Total Voting Rights
31/03/201517:03:21LONDON MARKETS: FTSE Drops But Stays On Track For Best Quarter...
30/03/201516:20:08BP Terminates Seadrill Partners Rig Contract
30/03/201515:53:22BP Terminates Seadrill Partners Rig Contract
30/03/201511:18:58BP PLC Director/PDMR Shareholding
27/03/201515:49:28LONDON MARKETS: FTSE 100 Faces Weekly Loss As Miners Lead A Decline
27/03/201513:02:22BP PLC Director/PDMR Shareholding
27/03/201512:17:26LONDON MARKETS: FTSE 100 Faces Weekly Loss As Miners Lead A Decline
27/03/201509:28:08LONDON MARKETS: FTSE 100 Faces Weekly Loss As Miners Lead A Decline
27/03/201507:00:18BP PLC 4Q 2014 interim dividend allotments for scrip
26/03/201517:11:19LONDON MARKETS: FTSE 100 Sinks For Third Session Amid Global...
26/03/201513:59:07LONDON MARKETS: FTSE 100 Falls For Third Session Amid Global...
26/03/201509:16:40LONDON MARKETS: FTSE 100 Falls For Third Session Amid Global...
25/03/201511:31:00LONDON MARKETS: FTSE 100 Turns Lower; Barclays, SABMiller Under...
24/03/201516:36:14BP PLC Director/PDMR Shareholding

Bp Plc and other London Stock Exchange share prices are delayed by at least 20 minutes.
All other share price data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad