Reported 2 months ago
Occidental Petroleum announced that Colombian firm Ecopetrol will not proceed with acquiring a 30% stake in its CrownRock assets, despite previous talks. Occidental had agreed to acquire CrownRock last year in a deal worth $12 billion. Should they not finalize the deal, Ecopetrol can opt for an indirect 49% interest in CrownRock through a joint venture agreement. Occidental aims to sell $4.5 billion to $6 billion of assets within 18 months after the CrownRock purchase closes in August.
Source: YAHOO