According to reports, BP PLC-Spons is in deep negotiations with Stonepeak regarding the sale of its Castrol business
According to the Financial Times, the American infrastructure investment group Stonepeak is in advanced negotiations to acquire BP's Castrol lubricants business.
The report reveals that Stonepeak has become the main competitor for the acquisition of this business and is discussing a bid that values Castrol at over $8 billion.
BP is attempting to raise $20 billion through asset sales before 2027. The news indicates that BP may retain a minority stake in the lubricants division, and the company may need to sell other assets
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