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Oxy fails to reach deal to sell Mideast unit stake

: Sunday, July 06 - 2014 @ 03:25

Occidental Petroleum Corp’s (Oxy) effort to raise as much as $8bn by selling a stake in its Middle Eastern business has ended without a deal, and the company is now seeking to shop smaller pieces, Bloomberg has reported, citing people with knowledge of the matter. Oxy had been trying to sell 40% of the operations to a group comprising the governments of Oman, Abu Dhabi and Qatar to raise cash for drilling and share buybacks, the people said. Occidental may fetch as much as $1bn for smaller, partial sales, one of the people said.

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Sunday, July 6- 2014 @ 3:25 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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