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Stonepeak will acquire 65% of lubricants business as part of wider plans for the oil company to pay down its debt
BP has agreed to sell a majority stake in its $10bn (£7.4bn) lubricants business Castrol to the US investment company Stonepeak, as the new chair, Albert Manifold, rapidly reshapes the under-pressure oil and gas company.
Stonepeak will acquire a 65% stake in Castrol, in a deal that values the division at $10.1bn including its debt. The deal, in which BP will retain a 35% stake in the business through a joint venture, is expected to close at the end of next year, the company said on Wednesday.
Source: www.theguardian.com
Written by: truelightfm
👉Listen to The World with Richard Engel and Yalda Hakim on your podcast app👈Source: feeds.skynews.comRead full article
More than a year after the storm ripped apart families and farms, growers are bullish about strength of their industryChristmas tree farmers in western North Carolina are still rebuilding from last year’s devastating Hurricane Helene, but growers are optimistic about business and the overall strength of their industry in the […]
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