Occidental (OXY) Subsidiary Acquires Interest in General Partner of Plains All American (PAA)
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Plains All American Pipeline, L.P. (NYSE: PAA) announced that a wholly owned subsidiary of Occidental Petroleum Corporation (NYSE: OXY) has entered into definitive agreements to acquire an aggregate 10% equity interest in the general partner of PAA directly from the existing owners. Closing is expected to occur within the next 30 to 45 days and is subject to certain customary closing conditions. The purchase price was not disclosed.
The sale of certain of the interests is subject to receipt of approvals by lenders to one of the owners. However, to facilitate the certainty of the transaction, other owners have agreed to sell additional interests such that OXY will acquire an aggregate 10% equity interest, even if such lender approvals are not obtained. In either event, the current control positions with respect to the general partner will not be affected as a result of this transaction.[SM]
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