Global Processing

BP’s Argentina deal falls through

November 7, 2011

BUENOS AIRES, Argentina — BP stock fell Monday on news that its planned sale of a $7 billion stake in Argentina-based Pan American Energy has been terminated, Reuters reported.

The decision of buyer Bridas to back out of talks has renewed investor concerns about BP’s strategy.

BP shares traded down 1.7 percent on Monday, lagging a 1.3 percent drop in the STOXX Europe 600 Oil and Gas index, after the planned sale of its 60 percent stake in Pan American Energy was abandoned, according to the story.