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Major Castrol transaction reshapes ownership and triggers India open offer
BP’s sale of a majority stake in Castrol to Stonepeak for $10.1 billion will yield $6 billion in proceeds and lead to an open offer for Castrol India shares.
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 roughly $6 billion and will retain a 35% holding through a newly formed joint venture. The transaction has direct implications for India, as Stonepeak and CPP Investments plan a mandatory open offer for at ₹194.04 per share once the global deal is completed.