OGX Calls in Asian Help

OGX Calls in Asian Help

Brazil Asia M&A

Petronas, Malaysia’s state-owned oil company, has agreed to pay $850m for a 40% stake in a field owned by Brazil’s OGX, the parties say. The sale of the position in the offshore Tubarao Martelo field, located in the Campos Basin, feeds the struggling Eike Batista-controlled oil producer’s need for cash. Under the agreement, Petronas also has the option to acquire 5% of OGX itself from Batista through April 2014 at a price of BRL6.30 ($3.15) per share. Shares closed at BRL1.76 Wednesday. The valu

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