BP, Aker Mull Selling Shares in Aker BP ASA
November 10 2021 - 1:01PM
Dow Jones News
By Anthony O. Goriainoff
BP PLC and Aker ASA said Wednesday that they were mulling the
sale of some of their shares in Norwegian oil-and-gas producer Aker
BP ASA.
BP and Aker currently control around 30% and 40% of the shares
outstanding in Aker BP, and they are thinking about selling shares
representing around 5% of Aker BP shares via an accelerated
bookbuild process.
BP is looking to sell shares representing around 2.1% of Aker
BP's outstanding shares, and Aker selling shares representing
around 2.9%.
"If the sale is completed, the free float in Aker BP will
increase from 30% to 35%," BP said.
The FTSE 100 energy group said the proceeds from the transaction
will form part of BP's target of delivering $25 billion of
divestment and other proceeds by 2025. Earlier in November BP said
that it expects $6 billion to $7 billion of divestment and other
proceeds in 2021.
"This transaction will enable BP to realize some of the
considerable value Aker BP has already generated while remaining
committed to its ongoing success and value creation for
shareholders. Consistent with our long-standing track-record of
active portfolio management, these divestment proceeds will be
expected to further strengthen BP's balance sheet and support our
ongoing buyback commitment," BP Chief Executive Bernard Looney
said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
November 10, 2021 12:46 ET (17:46 GMT)
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