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BP divests majority stake in Castrol, triggering open offer for Indian arm
BP’s $10.1 billion Castrol deal with Stonepeak will deliver $6 billion in proceeds and lead to a mandatory open offer for Castrol India shareholders.
Energy major has agreed to sell a 65% stake in its Castrol lubricants business to , valuing the unit at about $10.1 billion on an enterprise basis. BP expects net proceeds of nearly $6 billion and will retain a 35% stake through a joint venture, with an exit option after two years. The transaction has direct implications for India, with Stonepeak and CPP Investments planning a mandatory open offer for at ₹194.04 per share.