DOW JONES NEWSWIRES
BP PLC (BP) on Monday filed a complaint against Argentina's Bridas Corp. over a collapsed $7.06 billion asset sale, saying it is willing to pay a $700 million breakup fee to avoid facing fraud claims, Reuters reported.
BP in 2010 tried to sell its 60% stake in crude oil producer Pan American Energy to the joint venture of Bridas Energy Holdings Ltd. and CNOOC Ltd. (CEO), but Bridas Corp. in November 2011 terminated the agreement.
BP wants to pay the breakup fee and be released from various claims, saying that Bridas's position that it was "fradulenutly induced" to enter the deal was "frivolous," Reuters said, citing the lawsuit.
Bridas didn't immediately respond to Reuters's requests for comment.
Full story at http://www.reuters.com/article/2012/04/23/us-bp-bridas-idUSBRE83M13I20120423
-Dow Jones Newswires; 212-416-2900
(END) Dow Jones Newswires
April 23, 2012 14:35 ET (18:35 GMT)
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