U.S. gas producer Apache Corp confirmed on Monday it will purchase a 65 percent stake in Burrup Holdings, looking to stabilise the fertiliser business that has been buying gas from its Australian operation. It declined to reveal how much it was paying, but media reports last week said the deal was worth close to $600 million and was at a discount to an offer of A$800 million made by Wesfarmers last year.The stake was put up for sale by receivers looking to recoup at least A$800 million owed to Australia and New Zealand Banking Group by the Oswal Group of India, headed by tycoon Pankaj Oswal.
Apache Corporation (Apache) is an independent energy company, which explores for, develops and produces natural gas, crude oil and natural gas liquids. Shares of APA traded higher by 0.67% or $0.59/share to $88.74. In the past year, the shares have traded as low as $73.04 and as high as $134.13. On average, 3473640 shares of APA exchange hands on a given day and today's volume is recorded at 3576583.
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