$BP. (+0.18%)
$RIGD (-0.17%)
$APO (+4.46%)
$LONEn . $BN (+3.29%)
Reliance Industries, Apollo Global Management and Lone Star Funds are interested in BP's Castrol lubricants business, which has been put up for sale, according to an agency report.
Bloomberg reports, citing unnamed sources, that the first indicative bids are expected in a few weeks. Saudi Arabia's Aramco is likely to consider a bid. The lubricants business could fetch 8 to 10 billion US dollars. According to the report, BP has already sent information about the business to other potential bidders such as Brookfield Asset Management and Stonepeak Partners.
Representatives for BP, Apollo, Lone Star, Brookfield and Stonepeak declined to comment, while a representative for Reliance did not immediately respond to a request for comment, according to Bloomberg.
BP shares ultimately traded 0.46 percent lower at 4.25 euros in London trading. Reliance shares fell by 1.43 percent to 291.32 US dollars in NYSE trading on Thursday.
DJG/DJN/brb/cln
