Baker & McKenzie Advises CNOOC in Relation to Bridas Corporation’s Acquisition of BP’s 60% Interest in Pan American Energy LLC
Deal Announcement
2 December 2010
Hong Kong, China, 2 December 2010 – Baker & McKenzie recently advised CNOOC on the acquisition by Bridas Corporation (“Bridas”) of BP’s 60% interest in Pan American Energy LLC (“PAE”). Bridas is 50% owned by CNOOC and 50% owned by Bridas Energy Holdings Ltd.
The total consideration payable by Bridas to BP for the acquisition, which was announced on 28 November 2010, is US$7.06 billion. Upon completion of the acquisition, PAE will become a wholly-owned subsidiary of Bridas.
PAE has oil and gas operations in the Southern Cone of South America and is the second largest oil and gas producer in Argentina. The acquisition is expected to significantly expand CNOOC’s share of oil and gas asset portfolio in Latin America.
The multi-disciplinary Baker & McKenzie team was led by Beijing-based M&A partner Bee Chun Boo who was supported by teams in Beijing, Hong Kong and the United States.