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Sat Nov 16, 2019, 04:48 PM

State: BP sale of Alaska assets to Hilcorp clears federal hurdle

The Federal Trade Commission has no antitrust concerns with BP’s sale of its Alaska assets to Hilcorp and will let the $5.6 billion deal advance, a state official told lawmakers in a letter Tuesday.

After reviewing the deal, the FTC “identified no (antitrust or anti-competitive) issues and will not prevent the parties from closing the transaction," Corri Feige, commissioner of the state Department of Natural Resources, wrote in a Nov. 12 communication to members of the House and Senate Resources committees.

The state Department of Law is also reviewing the sale for potential anti-competitive issues, Feige said in the three-page letter.

In the letter, Feige also described how several other state agencies will scrutinize the proposed deal, in addition to an unidentified “highly respected economic consulting firm" that will help examine whether Hilcorp has the financial muscle to meet its obligations to the state.

Read more: https://www.adn.com/business-economy/energy/2019/11/14/state-bp-sale-of-alaska-assets-to-hilcorp-clears-federal-hurdle/
(Anchorage Daily News)

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