BP Turns Out to be Leading Bidder for BHP's U.S. Assets
BP Turns Out to be Leading Bidder for BHP's U.S. Assets. Other bidders for the Melbourne-based, Australian mining conglomerate’s assets included a group of Royal Dutch Shell plc RDS.A and The Blackstone Group L.P. (BX), a consortium of Chevron Corporation (CVX) and Warburg Pincus, as well as Apollo Global Management, LLC (APO).Per the bids received, BHP’s U.S. unit has been valued at about $9 billion. Per Reuters, BP submitted the highest offer worth more than $10 billion. However, the exact terms and other details related to BP’s offer have not been revealed yet, and an agreement between the two parties is anticipated in the coming weeks. BHP is believed to have a preference for selling the assets in a single package.It has been a year since BHP announced its plan to divest the U.S. unit, mainly under pressure from activist investor Elliott Management Corp., which had targeted the company’s venture into U.S. oil and gas exploration.Several oil giants including Exxon Mobil Corporation XOM, Apache Corporation (APA), Pioneer Natural Resources Company (PXD) have significant exposure in the Permian Basin. However, BP lacked presence in this acreage for long.