- Energy major BP plc (NYSE:BP), along with the UAE energy company ADNOC, has made a non-binding offer to take Israel’s NewMed Energy private.
- The proposed acquisition, through an acquisition of the free float and partial purchase of Delek’s stake, would result in BP and ADNOC holding 50% of NewMed Energy.
- Both parties intend to form a new joint venture that will be focused on gas development in international areas of mutual interest, including the East Mediterranean.
- The deal is expected to strengthen strategic partnership between ADNOC and bp across oil and gas, hydrogen, and carbon capture and storage technology.
- Price Action: BP shares are trading higher by 1.87% at $37.57 on the last check Tuesday.
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