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Sunday, June 29, 2014

Israel's Delek Group sells Europe operations for 355 million euros, (NYSE: BP)

Israeli conglomerate Delek Group said on Sunday its subsidiary Delek Europe Holdings signed an agreement to sell Delek Europe BV to a foreign fund for 355 million euros ($484 million). Delek said 180 million euros would be paid in cash in two equal instalments while the seller would extend a loan to the buyer for the remaining 175 million. The loan would be repaid within five years and three months with interest of 5 percent annually.In April Delek said it had signed a memorandum of understanding for the sale of Delek Europe BV.The deal is subject to regulatory approval, Delek said in a statement. The name of the buyer was not revealed.Delek Europe was established in 2007 and made two big acquisitions: the operations of Chevron Corp in Belgium, the Netherlands and Luxembourg; and the operations of BP PLC in France. BP France's operations included hundreds of fuel stations and convenience stores and holdings in three fuel storage and marketing terminals.

BP p.l.c. (BP), is an integrated oil and gas company. Shares of BP fell by 0.28% or $-0.15/share to $52.60. In the past year, the shares have traded as low as $40.51 and as high as $53.48. On average, 3987390 shares of BP exchange hands on a given day and today's volume is recorded at 3292736.