BP and E.ON go ahead with Veba Oil sale

In a deal worth $2 billion BP and E.ON have agreed to sell upstream assets of Veba Oil to Petro-Canada.

BP have announced that an agreement has been reached with E.ON to go ahead with their plan to acquire a majority stake in Veba Oil with effect from February 1. The two companies separately said they have agreed in principle to sell Veba's oil and gas production subsidiary to Petro-Canada for $2 billion.

BP will pay E.ON $1.63 billion in cash and assume some $850 million of debt in return for 51 per cent and operational control of Veba Oil which owns Aral, Germany's biggest fuels retailer.

From the sale of Veba's upstream oil and gas assets to Petro-Canada, BP would receive some $1.65 billion, with the balance going to E.ON. (SP)

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