Ancap turns down bid for Argentine asset

Ancap turns down bid for Argentine asset

M&A Argentina China Middle East Latin America Uruguay

Uruguay's state-owned oil company Ancap said it turned down a $45 million offer from a Middle Eastern trading company to buy its majority stake in the Argentine chemicals producer Carboclor. Pure Life General Trading, an oil and natural gas trader headquartered in the United Arab Emirates (UAE), was the only bidder for the 84.1% stake in Carboclor, but Ancap said it was "not satisfied" with the source of the funds for the acquisition, according to a press release on Wednesday. In the due diligen

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