BP Sells Stake in Korean PTA Venture

BP has agreed to sell its 47.4% stake in Samsung Petrochemical (SPC) to Samsung Corp. and Lee Bu-jin for a combined $70 million in cash. Samsung Corp., the trading arm of the Samsung Group, will purchase 14.2% of SPC and Lee, the eldest daughter of Samsung Group chairman Lee Kun-hee, will buy 33.2%, Korean press reports say. The deal will increase Samsung Corp.’s stake in SPC. Samsung Corp. currently has 47.4% of SPC and Shinsegae (Seoul) has 5.2%. SPC is a leading producer of purified terephthalic acid (PTA), operating four plants with a combined capacity...

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