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BP considering sale of lubricants business - report
(Sharecast News) - BP is reportedly considering a potential sale of its lubricants business. Bloomberg cited people familiar with the matter as saying that the oil major's unit - which operates under the Castrol brand - could be worth about $10 billion in a deal.
It was understood that a sale of the business is one of the many options BP is considering to win back investor confidence after years of underperformance. The unit is also among the assets that activist investor Elliott Management has identified for potential disposals.
Sources told Bloomberg that BP might announce the potential divestment during its capital markets day on 26 February. They added that deliberations on the potential disposal are ongoing and no final decisions have been made.
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