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BP plc Sues Over Failed Deal

BP plc (NYSE:BP) has sued Argentina’s Bridas Corp over the collapse of an asset sale.

BP plc Sues Over Failed Deal

The UK based oil giant BP plc (NYSE:BP) has said that it has sued Bridas Corp over a collapsed $7.06 billion asset sale, saying it is willing to pay a $700 million breakup fee for not facing any fraud claims.

BP plc (NYSE:BP) is seeking a court order allowing it to pay the fee and effectively put the failed sale behind it.

BP plc (NYSE:BP) said the parties had agreed that disputes could be resolved in a New York court.

BP plc (NYSE:BP) shares were at 41.95 at the end of the last day’s trading. There’s been a -4.6% change in the stock price over the past 3 months.

BP plc Sues Over Failed Deal
BP plc (NYSE:BP) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.67
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.5
Zack’s Rank: 5 out of 19 in the industry

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