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BP seeks buyers for Castrol lubricants unit to reach $20 billion divestment goal: Reuters
- BP has initiated the sale of its Castrol lubricants business, a key step in its plan to raise $20 billion by 2027 through asset sales.
- The sale follows BP's strategic review of Castrol announced in February, as part of a broader effort to reduce debt and boost its share price.
- Founded in 1899 and purchased by BP in 2000 for 3 billion pounds, Castrol is recognized as the third biggest independent lubricants company globally, with expected core earnings of $1 billion in 2024.
- Analysts estimate the sale could fetch between $8 billion and $11 billion, while BP has already secured $1.5 billion in agreements toward its $20 billion divestment target.
- This divestment aims to reallocate capital, sharpen BP’s portfolio focus, reduce net debt, and respond to shareholder pressure following underperformance and investor calls for management changes.
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BP seeks buyers for Castrol lubricants unit to reach $20 billion divestment goal, sources say
BP has kicked off the sale of its more than a century-old Castrol lubricants business, according to two people with knowledge of the process, in a key step in the British energy group's divestment plan to boost its share price.
·United Kingdom
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