BP in Active Talks With Stonepeak Over Castrol Sale: Reuters

BP is in active talks with Stonepeak over the sale of its Castrol lubricants unit, Reuters reports, citing two unidentified people with knowledge of the situation.

• Both Stonepeak and private equity firm One Rock made bids for the unit in September, one of the people told Reuters
• Reuters says it couldn’t establish the value or structure of Stonepeak’s consideration or if it’s currently in talks with other parties including One Rock
• BP, Stonepeak and One Rock representatives declined to comment: Reuters
• NOTE: BP Profit Beats in Sign That Turnaround Is Gathering Pace (2)

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