Wall Street Brief: AIG on the Block, BP Negotiates Assets in the Gulf

The Treasury has confirmed in a press release it’s putting an additional $18 billion of AIG (NYSE:AIG) stock on the sale block. AIG plans to purchase up to $5 billion worth of the shares at the IPO price.

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BP (NYSE:BP) is supposedly negotiating to sell assets in Gulf of Mexico oil fields to Plains Exploration & Production (NYSE:PXP) for $7 billion; this is higher than the latter’s $5.2 billion market cap. The deal comes from BP’s efforts to raise money as payment from the fallout of 2010 oil spill. To-date, the company has agreed to sell $26.5 billion of the $38 billion in assets that it has intended to sell.

Glencore (GLCNF.PK) has said its $36 billion bid for Xstrata (XSRAY.PK, XSRAF.PK) includes the offering of 3.05 shares per Xstrata share is at a 27 percent premium from last week’s stock prices. Xstrata shareholder Knight Vinke has rejected the new proposal;   Standard Life Investments supports it but key player Qatar Holdings has not said anything about it.

RBS (NYSE:RBS) is holding talks with the U.K.’s Financial Services Authority to settle allegations for its role in the Libor scandal, reported Bloomberg. The bank may have to pay more than the BP 290 million that Barclays (NYSE:BCS) has agreed to pay. UBS (NYSE:UBS) is also negotiating with U.S. and U.K. authorities over ending the Libor allegations.

Transocean (NYSE:RIG) has agreed to sell 38 shallow-water drilling rigs to the private-equity backed Shelf Drilling International for $1.05 billion. This includes $855 million in cash and $195 million of seller financing via preference shares. After the the deal, Transocean will incur a third quarter impairment charge.

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