ConocoPhillips (COP) to Divest Vietnam Unit for $1.29B Plus Working Capital Adjustments
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ConocoPhillips (NYSE: COP) today announced that, as part of its ongoing strategy to create shareholder value, it has entered into an agreement to sell its Vietnam business unit for a total of $1.29 billion plus customary working capital adjustments.
ConocoPhillips has entered into definitive agreements with a subsidiary of Perenco to sell its three wholly-owned subsidiaries that separately hold its 23.25 percent participating interest in Block 15-1, 36 percent participating interest in Block 15-2, and 16.3 percent participating interest in Nam Con Son Pipeline. The transaction is anticipated to close in the first half of 2012.
ConocoPhillips has entered into definitive agreements with a subsidiary of Perenco to sell its three wholly-owned subsidiaries that separately hold its 23.25 percent participating interest in Block 15-1, 36 percent participating interest in Block 15-2, and 16.3 percent participating interest in Nam Con Son Pipeline. The transaction is anticipated to close in the first half of 2012.
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