BP sues Argentinian firm Bridas

BP yesterday sued Argentina’s Bridas Corp over a collapsed $7.06bn (£4.37bn) asset sale, saying it is willing to pay a $700m breakup fee so long as it will not face fraud claims arising from its conduct. The lawsuit stemmed from the November 2011 collapse of BP’s plan to sell its 60 per cent stake in crude oil producer Pan American Energy to Bridas, which owns the remainder.