Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, February 18, 2014

Brightoil Petroleum to purchase Anadarko's China unit for $1.1 bln, (NYSE: APC)

Hong Kong-listed oil trader Brightoil Petroleum Holdings Ltd has agreed to purchase Anadarko Petroleum Corp's China unit for $1.08 billion in a major push into the upstream segment.Brightoil, whose international oil trading and bunkering businesses have been hit hard by the global financial crisis, has been searching for upstream investment opportunities in China and overseas for several years.The firm, which also owns oil tankers and storage facilities in China, posted a loss of HK$721 million ($92.97 million) for the financial year ended June 2013.Shares of Brightoil surged as much as 21.6 percent when trading resumed on Tuesday afternoon. Trading in the stock was suspended last week pending an announcement of a substantial acquisition.

Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC traded higher by 0.02% or $0.02/share to $81.54. In the past year, the shares have traded as low as $73.60 and as high as $98.47. On average, 4808810 shares of APC exchange hands on a given day and today's volume is recorded at 4299893.