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Bond Market News
BP Considering Sale of Lubricant Business for $10bn
February 19, 2025
BP Plc is considering selling its lubricants business, Castrol, which could be valued at around $10bn. The sale is one of several options BP is exploring to regain investor confidence following years of underperformance. Activist investor Elliott Investment Management, which holds a nearly 5% stake in BP, has pushed for cost cuts and asset divestments, including the lubricants unit, as part of a strategy to reshape BP into a more focused company like Shell. Castrol, a global brand in sectors like automotive and industrial, has expanded into liquid cooling technology for data centers. Elliott has urged BP to reduce spending on renewable energy and offload non-core assets, such as US shale and fuel marketing. BP has struggled since its push for net-zero emissions under former CEO Bernard Looney. BP may announce the potential sale during its capital markets day on February 26, though no final decision has been made.
BP’s bonds traded stable with its 4.875% Perp at 96.5, yielding 5.67%
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