Overview

• BP launched a formal sales process for its global Castrol lubricants arm earlier this month with Goldman Sachs as lead advisor.
• Mukesh Ambani’s Reliance Industries has joined Apollo Global Management, Lone Star Funds and Saudi Aramco among parties expressing takeover interest.
• Sources say BP has shared initial details with Brookfield Asset Management and Stonepeak Partners, and the deal could be valued between $8 billion and $10 billion.
• Castrol India Ltd.’s stock climbed nearly 7% on May 29 following reports of heightened acquisition bids.
• BP plans to use proceeds from the divestment to reduce its net debt to between $14 billion and $18 billion by the end of 2027.