The Faber Report

BP Resumes Asset Sale Talks with Apache


Talks between Apache and BP over the sale of certain BP assets to Apache have resumed today after hitting a rough patch over the weekend, according to people close to the talks.

The talks, which appeared lined up to deliver a deal this week, hit a stalemate over the weekend on issues on valation and contract language. Apache is said to be drawing a hard line on price, taking the discussions from the $10 billion range closer to $9 billion, while BP, which still wants to sell the assets despite having capped the leak, trying to hold its ground.

Not suprisingly, given that price discussion, the chances of getting the deal done have declined.

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