Apache sale of Egypt stake is game changer, says Deutsche Bank

August 30, 2013

After Apache (APA) announced that it had sold a 33% stake in its Egypt business to Sinopec (SNP) for $3.1B, Deutsche Bank believes that the deal is a game changer as it increases the momentum of change at the company and obtains value for an asset that the market was discounting. The firm expects the company to carry out additional restructuring initiatives. It keeps a Buy rating on the shares.