MW: Korean National Oil joins bid for El Paso assets
By Val Brickates Kennedy
BOSTON (MarketWatch) -- Korean National Oil, or KNOC, confirmed Wednesday that it is part of an investment group led by Apollo Global Management LLC APO +0.98% that plans to buy El Paso Corp.'s EP +0.55% oil exploration and production operations for $7.15 billion, according to Dow Jones Newswires. El Paso had previously planned to spin out the business as a separately-traded company before agreeing earlier this year to be acquired by Kinder Morgan KMI +0.93% . Kinder has said it planned to sell El Paso's exploration and production business as part of its $21.1 billion merger deal.
