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BG Group Considers $1.7b North Sea Operations Sale

Source: Reuters 7/24/2014, Location: Europe

BG Group is considering selling its largest operations in the North Sea for about 1 billion pounds ($1.70 billion), The Times reported.

BG Group appointed Rothschild to advise on a restructuring in a move that could result in the sale of its Armada, Everest and Lomond platforms, according to the newspaper, which cited unnamed sources.

One of the market sources told The Times that the FTSE-100 company is in "disposal mode in the North Sea" as it tries to improve the performance of its portfolio. BG Group announced a portfolio review to beef up its finances last year.

"We do not respond to rumour and speculation. BG Group has been clear that we plan to take a more active approach to managing our assets," BG Group spokesman told the Times. "No asset is sacrosanct," she added. BG Group and Rothschild could not be reached for a comment outside of normal business hours.

Last month, the group sold a majority stake in one of Europe's biggest gas pipelines to Antin Infrastructure Partners for nearly $1 billion.

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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