BP hands back $3.5bn as PAE deal collapses

BP will be handing back a $3.53bn deposit following the collapse of a deal to sell its 60% interest in Pan American Energy.

BP will be handing back a $3.53bn deposit following the collapse of a deal to sell its 60% interest in Pan American Energy.

Pan American is a South American oil and gas company which BP had wanted to offload in late 2010 to strengthen its balance sheet in the wake of the Gulf of Mexico disaster.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.