Mergers & Acquisitions: FCC Signs Off On Level 3’s Buyout of Global Crossing, BP Deal in Jeopardy
Hot Feature: Is China Crushing These Luxury Brands?
BP’s (NYSE:BP) $7.1 billion deal to sell Argentine crude producer Pan American Energy LLC is at risk of collapse, jeopardizing China’s biggest energy acquisition this year, according to a person with knowledge of the matter. BP announced last November that it would sell its 60% stake to partner Bridas Corp., a company owned by Chinese oil producer Cnooc Ltd. (NYSE:CEO) and Argentina’s billionaire Bulgheroni family. But political opposition may prevent the deal from being completed when the accord expires in November.