Key Takeaways
- • Stonepeak has completed its acquisition of a 65% stake in Castrol from BP, according to Reuters.
- • BP retains a 35% interest in Castrol through a new joint venture with Stonepeak and will use $6bn in after-tax proceeds to reduce debt and strengthen its finances.
- • Former Shell chief executive Ben van Beurden has been appointed chairman of the Castrol lubricants business.
- • CPP Investments participates as an indirect minority investor with one board seat.
- • Castrol's board will comprise four independent directors (including van Beurden), three Stonepeak representatives and two BP representatives.
Summary
Stonepeak has completed its acquisition of a 65% stake in Castrol from BP and has appointed former Shell chief executive Ben van Beurden as chairman of the lubricants business, according to a report by Reuters. The transaction closes a stake sale that BP agreed to last year.
BP will retain a 35% interest in Castrol through a new joint venture with Stonepeak. The oil major said it would use $6bn in after-tax proceeds from the sale to reduce debt and strengthen its finances.
CPP Investments is participating as an indirect minority investor and will hold one seat on the new board. Castrol's board will comprise four independent directors, including van Beurden, three representatives of Stonepeak and two representatives of BP, giving the independent directors and the two shareholder groups defined representation in governance of the business.
BP will retain a 35% interest in Castrol through a new joint venture with Stonepeak. The oil major said it would use $6bn in after-tax proceeds from the sale to reduce debt and strengthen its finances.
CPP Investments is participating as an indirect minority investor and will hold one seat on the new board. Castrol's board will comprise four independent directors, including van Beurden, three representatives of Stonepeak and two representatives of BP, giving the independent directors and the two shareholder groups defined representation in governance of the business.
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