Anadarko shares climb on BP-Mitsui settlement HOUSTON (Global Markets) - Shares of Anadarko Petroleum Corp (APC.N), part owner of BP Plc's (BP.L) ruptured Gulf of Mexico well, rose 4.5 percent on news that another well partner had agreed to pay $1.1 billion toward cleanup costs, removing some uncertainty over Anadarko's liability.Stock Market Predictions
BP won a big victory in its battle to share the cost of the oil spill on Friday, when partner Mitsui & Co Ltd (8031.T) agreed to pay part of the cleanup bill and possibly billions more in fines.
Mitsui owns 10 percent of the well, while Anadarko's interest is 25 percent.
Analysts at Houston-based investment bank Simmons & Co said the Mitsui deal implies a potential $2.66 billion settlement for Anadarko, less than some investors had expected.
"Anadarko has been more vocal recently about the potential for a settlement and we believe today's BP-Mitsui news further increases the likelihood of that outcome," Simmons said in a note to clients.
Earlier this month, Jim Hackett, Anadarko's chief executive officer, said the company was prepared to settle oil spill claims.
Shares of Anadarko rose $3.22 to $74.86 in morning trading on the New York Stock Exchange.
(Reporting by Anna Driver, editing by Gerald E. McCormick)
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