BP Weighs $10 Billion Sale of Castrol Lubricants Unit
Activist Investor Elliott Pushes for Cost Cuts and Divestments
BP might announce the potential divestment during its capital markets day on Feb. 26. (Christopher Pike/Bloomberg News)
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BP Plc, in which activist investor Elliott Investment Management has built up a nearly 5% stake, is considering a potential sale of its lubricants business, according to people familiar with the matter.
The oil major’s unit, which operates under the Castrol brand, could be worth about $10 billion in a deal, the people said, asking not to be identified as the matter is private. A sale of the business is one of the many options BP is considering to win back investor confiden…
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