BP to sell majority stake in Castrol lubricants for $6bn
TL;DR
BP has sold a 65% stake in its Castrol motor oil division to US investment firm Stonepeak for $6 billion, valuing Castrol at $10.1 billion, as part of BP's strategy to focus on core oil and gas businesses and reduce debt, while shifting away from green energy investments.
- BP sells stake in motor oil arm Castrol in $6bn deal BBC
- BP Agrees to Sell Majority of Castrol Lubricants Unit to Stonepeak The Wall Street Journal
- Stonepeak to Acquire Majority Controlling Interest in Castrol from bp Stonepeak
- Stock Movers: BP, Abivax, B&M Bloomberg.com
- Oil giant BP to sell 65% stake in $10 billion Castrol unit CNBC
Want the full story? Read the original reporting
Read on BBC