February 16, 2012 6:14 PM
ConocoPhillips Stays In-House for $1.29 Billion Sale of Vietnamese Business
Posted by Brian Baxter
The sale is in line with ConocoPhillips’s new efforts to strew a least-profitable units underneath a three-year devise dictated to lift adult to $20 billion around item sales, according to Bloomberg.
Since a devise runs by a finish of 2012, a sale of a company’s operations in Vietnam a pivotal member of that initiative, reports the Daily Deal. The Perenco transaction includes ConocoPhillips-owned stakes in two offshore oil fields and a 200-plus-mile gas pipeline that connects to a Vietnamese mainland. The sale is expected to tighten by a center of a year.
Dagfinn Nygaard, ConocoPhillips’s handling warn for a Asia Pacific region, is heading an in-house group operative on a matter. Janet Langford Kelly, a former partner during Sidley Austin and Zelle Hofmann Voelbel Mason, has served as a Houston-based company’s ubiquitous warn given 2006.
As formerly reported by The Am Law Daily, ConocoPhillips defended longtime legal confidant Wachtell, Lipton, Rosen Katz to advise on a designed separate of a association into dual publicly traded companiesâ€”one focused on oil and gas production, a other on enlightening and selling operationsâ€” slated for after this year.
Wachtell, that represented prototype association Phillips Petroleum on a $15.6 billion partnership with Conoco in 2002, also advised ConocoPhillips in 2010 on a sale of 7.6 percent of a shares in Russian appetite hulk Lukoil for $3.4 billion.
While ConocoPhillips stayed in-house for a sale of a Vietnamese assets, it has kept a roster of outward authorised advisers bustling with copiousness of other transactional matters over a past few years.
In November, ConocoPhillips incited to Morgan, Lewis Bockius for warn on a sale of its stakes in dual U.S. tube operators for a sum of $2 billion. Canadian firm Osler, Hoskin Harcourt suggested ConocoPhillips in 2010 on a $4.65 billion sale of its interest in a Canadian oil sands corner venture, while Cleary Gottlieb Steen Hamilton represented a association in 2008 on a $800 million sale of some-more than 600 Union 76 gas stations.
Representatives for Perenco did not immediately respond to requests for criticism on either a association employed outward authorised confidant for a deal.
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