Petronas Rescinds $850m Deal for Stake in OGX Blocks

Source: Reuters 11/18/2013, Location: South America

Brazilian oil company OGX,which is in bankruptcy and controlled by former billionaire EikeBatista, said that Malaysia's Petroliam Nasional Bhd (Petronas) had rescinded a deal to buy a 40 percentstake in two of its oil blocks.

OGX Petroleo e Gas Participaçoes SAm said in a filing thatit is analyzing taking legal action against Petronas. OGX filedfor bankruptcy protection on Oct. 30 and day later warned thatit expected to end up in arbitration over the deal struck withthe Malaysian state oil company.

The companies announced the deal, originally valued at $850million, in May. Petronas was to take a stake in two offshoreBrazilian oil blocks, potentially throwing a lifeline to Batistaas he sold off parts of his industrial empire to pay down debts.

Petronas had set as pre-condition for the deal that OGXrestructure its debt.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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