Apollo may exit Parallel Petroleum to Korea’s Samsung C&T
Apollo Global Management could be on course to exit Parallel Petroleum after South Korean trading firm Samsung C&T said it was interested in purchasing the US asset. The deal is slated to be worth about KRW1 trillion ($919.6 million), Reuters reported, citing local media. Apollo bought Parallel for about $483 million in 2009.
"We are actively pursuing oil, natural gas and mineral resource business ... and reviewing various resource deals across the globe but no final decision has been made on Parallel Petroleum," Samsung C&T...
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