Reported 2 days ago
BP Plc is contemplating the sale of its Castrol lubricants business, valued at approximately $10 billion, influenced by activist investor Elliott Investment Management, which holds nearly 5% of BP's shares. This potential divestment is part of BP's strategy to regain investor confidence after years of poor performance. Elliott has proposed significant cost cuts and asset divestments, urging BP to restructure like other major oil companies. A decision on the potential sale may be announced at BP's capital markets day on February 26.
Source: YAHOO