CNBC’s David Faber reports that BP plc (BP) and Apache Corp. (APA) are closing in on a deal under which BP will sell ownership stakes in properties to Apache for roughly $10 billion.
CNBC: “The hope had been that a deal could be announced as soon as this Monday”, notes Faber, “but given the need to give certain partners of BP in these properties their right of first refusal, it is proving somewhat complex.”
Apache’s financing for the deal is also a key. Bankers familiar with the deal tell Faber that Apache “is seeking a bridge loan between $6 and $7 billion for the purchase.”
BP gained $82 cents, or 2.24 percent, to $37.01 at 1:05 p.m. in New York Stock Exchange trading. APA declined $1.99, or 2.29 percent, to $84.84.