BP's Castrol business draws interest From Reliance, Apollo and Lone Star
BP Plc's Castrol lubricant business is attracting interest from energy companies including
Reliance Industries
Ltd. and buyout firms such as
Apollo Global Management
and
Lone Star Funds
, according to people with knowledge of the matter.
BP has sent out initial information to other potential bidders for the unit including investment firms Brookfield Asset Management and Stonepeak Partners, the people said, asking not to be identified because discussions are private.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Access all TV channels anywhere, anytime
Techno Mag
Learn More
Undo
The business could fetch between $8 billion and $10 billion in a deal, the people said.
The suitors would join the world's biggest energy company,
Saudi Aramco
, in considering bids for all or part of the business. The process is still in the early stages, with initial bids expected in several weeks, so price and outcome remain open, the people said. Some suitors could team up as well.
Live Events
Meanwhile, bankers are considering providing around $4 billion-equivalent of debt to back potential bids for the unit, according to people familiar with the matter.
The financing is expected to be denominated in different currencies including euros and dollars to maximize liquidity, and will possibly be made up of leveraged loans and high yield bonds, they added. It is one of the few buyout financings expected to hit the market this year and is likely to garner attention from bankers looking and investors alike.
As part of a major corporate revamp, BP started a strategic review of the Castrol-branded business. Activist investor
Elliott Investment Management
has emerged as one of the company's largest shareholders and has been pressing management to make bolder changes.
BP's big strategy reset is already looking shaky due to lower oil prices. This could raise pressure on the company for successful asset sales.
The Castrol business includes lubricants for autos and industries, and it has been developing liquid cooling technology for
artificial intelligence data centers
. Its operations in fast-growing markets like India are particularly interesting to Reliance and Aramco, some of the people said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
32 minutes ago
- Time of India
Wall Street slips as tariff concerns weigh on earnings, inflation data in focus
US stocks slipped in early trading Friday, giving back some of their recent gains as investors weighed a mixed batch of earnings reports, inflation data and ongoing uncertainty over the future of tariffs imposed under President Donald Trump. The S&P 500 fell 0.3% shortly after the opening bell, while the Dow Jones Industrial Average dropped 158 points, also 0.3%. The Nasdaq Composite declined by a similar margin. Leading the market lower was Gap Inc., whose shares tumbled after the retailer warned that tariffs on imports from China and other countries could increase its costs by as much as $300 million this fiscal year. This warning overshadowed its stronger-than-expected quarterly results. Meanwhile, Ulta Beauty rose 8% in early trading after reporting earnings and revenue that topped Wall Street forecasts, along with an upbeat full-year outlook. Investors also had an eye on Alphabet, parent company of Google, whose shares remained flat ahead of closing arguments in a landmark antitrust case that could result in major changes for the tech giant, which was previously ruled an illegal monopoly by a federal judge. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Markets have been particularly sensitive to trade developments this week. Hopes were briefly lifted after a ruling from the US Court of International Trade determined that the 1977 International Emergency Economic Powers Act, used by Trump to justify sweeping tariffs, did not grant such authority. However, those tariffs remain in effect for now as the White House appeals the decision, leaving the ultimate resolution uncertain. The focus now shifts to the Commerce Department's April report on consumer spending, due later Friday. The release includes the Federal Reserve's preferred inflation measure, which analysts believe moved closer to the central bank's 2% target. With the Fed keeping interest rates unchanged for three consecutive meetings amid inflation and trade concerns, investors will be listening closely to public remarks from three Fed officials scheduled for later in the day. Global markets showed mixed movement. In Europe, France's CAC 40 rose 0.3%, Germany's DAX climbed 0.8%, and the UK's FTSE 100 added 0.6%. In Asia, Japan's Nikkei 225 dropped 1.2% to 37,965.10 after inflation data from Tokyo showed core prices rising faster than expected, fueling speculation that the Bank of Japan may raise interest rates. Australia's ASX 200 gained 0.3%, while South Korea's Kospi slipped 0.8% ahead of next week's presidential election. Hong Kong's Hang Seng lost 1.2% and China's Shanghai Composite shed 0.5%. The trade court's ruling applies only to some tariffs, leaving those on steel, aluminum, and automobiles—enacted under a different law—unaffected. On Thursday, the US Court of Appeals for the Federal Circuit allowed the president to continue collecting the contested tariffs temporarily while the case proceeds. In energy markets, US crude dipped 7 cents to $60.87 per barrel, while Brent crude fell 10 cents to $63.25. In currency trading, the US dollar weakened to 143.68 yen from 144.12 yen, and the euro edged down to $1.1344 from $1.1367. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
34 minutes ago
- Time of India
Is Vietnam courting Trump family with luxury golf course?
The US President Donald Trump (left) and Vietnamese Prime Minister Pham Minh Chinh (AP) Ground was broken on May 21 for a $1.5 billion luxury golf resort in northern Vietnam owned by the family business of US President Donald Trump. Vietnamese Prime Minister Pham Minh Chinh and Eric Trump, executive vice president of the Trump Organization, presided over the ceremony. Days later, Trump traveled to Ho Chi Minh City, Vietnam's economic powerhouse, to finalize an agreement for a luxury hotel development in an upscale district of the rapidly expanding city. Reports indicate that the Vietnamese government expedited approvals and potentially violated domestic regulations to favor the Trump Organization. The deals come as Vietnam faces a 46% tariff threatened by the Trump administration on April 2. Although these punitive "reciprocal tariffs" have been postponed until July, Vietnam remains under pressure, especially considering its substantial $123 billion (€109 billion) trade surplus with the United States. Vietnam ranks among the most trade-dependent countries globally, with exports to the US alone accounting for approximately 30% of its GDP, according to official data. "Hanoi understands that for the Trump administration, what is public is private, and the best way to curry favor is to do deals with the Trump family," Zachary Abuza, a professor at the National War College in Washington, told DW. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 이미지 영어에 대해서 40분만에 알려드립니다 스티븐영어 지금 시작하기 Undo Relations with Vietnam were positive in the early years of Trump's first term. Former President Nguyen Xuan Phuc was one of the first world leaders to meet Trump at the White House in 2017, and Hanoi was later chosen to host the high-profile but unsuccessful summit between Trump and North Korea's Kim Jong Un in February 2019. However, Trump's stance shifted drastically later that year when he accused Vietnam of being the "worst abuser" in trade relations with the US, launching investigations into alleged unfair practices. These measures were only reversed after President Joe Biden took office in early 2021. Vietnam fast-tracks Trump's luxury golf resort Although officially a private venture, the Vietnamese government significantly facilitated the Trump Organization's golf resort plans. In mid-March, Prime Minister Pham Minh Chinh met Charles James Boyd Bowman, head of the Trump Organization's projects in Vietnam, and promised to "conduct a thorough review to fast-track the project." He called on the Trump Organisation to "position Vietnam as a business base and expand its investment footprint in the country," according to Vietnamese media reports. Vietnam has indeed delivered on its promise, achieving record-breaking speed for regulatory approval, Abuza noted. Typically, projects of this scale take years; this one reached the groundbreaking ceremony within three months of initial filings. In March, Hanoi also gave permission for SpaceX, owned by Elon Musk, Trump's efficiency czar, to launch its Starlink satellite internet service on a trial basis. Earlier this week, The New York Times newspaper revealed a letter from Vietnamese officials that explicitly stated that the project required support from senior members of the Vietnamese government because it was "receiving special attention from the Trump administration and President Donald Trump personally." According to the Times' report, the Vietnamese government has "ignored its own laws" by granting concessions to the Trump Organization that are "more generous than what even the most connected locals receive." Moreover, the entire project runs counter to the housing master plan of Hung Yen province, where it is located, and potentially the state's environmental and safety regulations. According to the aforementioned letter by Vietnamese government officials, the groundbreaking event was also brought forward to avoid "missing the window to capitalize on the support of the Donald Trump administration." Vietnam's strategic hedging The initial agreement for the golf course was signed last September, two months before Trump won the US presidential election. "Although the specifics leading up to the deal are not known, one plausible theory is that a real estate project of this scale could not have proceeded without the backing of the Vietnamese government," Hoang Thi Ha, a senior fellow at the ISEAS – Yusof Ishak Institute in Singapore, wrote last month in an article for the institute's Fulcrum analysis websit. She added that state backing "could have been a way for Vietnam to hedge its interests with Trump even before the US presidential election outcome was known." Moreover, the location of the golf resort is significant. Hung Yen is just outside Hanoi and is the home province of To Lam, the communist party's general secretary. Nguyen Phu Trong, the powerful general secretary of the Vietnamese Communist Party, died in early 2024. In his place, To Lam, previously the public security minister and Trong's enforcer, quickly consolidated power. Lam became state president and then party chief, breaking the separation of powers norm of Vietnamese politics and leading some commentators to wonder whether he had dictatorial plans. He later relinquished the presidency. Since last year, To Lam has purged various ministries and appointed officials or personal friends from Hung Yen province in their place. 'No guarantee that Vietnam will get what it wants' "There's little doubt that Hanoi has rolled out the red carpet for Trump-affiliated businesses in recent months," Khac Giang Nguyen, a visiting fellow at the ISEAS – Yusof Ishak Institute, told DW. "It's a calculated, transactional move, with hopes that favorable treatment for Trump's business interests might buy some goodwill in Washington amid the ongoing trade negotiations," he added. The White House has maintained that Trump's trade discussions are entirely separate from his family's business dealings. Vietnam has actively sought to mitigate tariff threats, pledging earlier to reduce all duties on US imports and increase purchases of American goods. "There is no guarantee that Vietnam will get what it wants only by currying favour with Trump. The key factor at work here is whether Vietnam can adequately address Washington's key concerns regarding bilateral trade," Le Hong Hiep, a senior fellow at the ISEAS–Yusof Ishak Institute's Vietnam Studies Program, told DW. "If Vietnam fails to follow through with its commitment to purchase more American goods and stop the Chinese transshipment fraud, the approval of Trump Organization's project is not going to help," he added.
Time of India
an hour ago
- Time of India
BPSC recruitment 2025: Notification for DSO/AD posts released at bpsc.bihar.gov.in; applications open from June 3
Bihar Public Service Commission releases notification for 47 DSO/AD vacancies BPSC recruitment 2025: The Bihar Public Service Commission (BPSC) has officially released the notification for the recruitment of District Statistical Officer (DSO) and Assistant Director (AD) posts under Advertisement No. 38/2025. Eligible Indian candidates can apply online for a total of 47 vacancies in the Planning and Development Department, Government of Bihar. The online application window will open from June 3, 2025, and close on June 24, 2025. This recruitment drive aims to fill regular posts across multiple categories, with a clear emphasis on reservations and qualifications. Candidates must possess a postgraduate degree in Statistics, Mathematics, or Economics from a recognised university to be eligible. The pay scale for the posts is Level-9, ranging from Rs 53,100 to Rs 1,67,800 plus other allowances as per government rules. Important dates and application process The BPSC has set strict timelines for the recruitment process. Candidates interested in the DSO/AD posts should ensure their applications are submitted within the specified period. The preliminary competitive examination is expected to be held on August 3, 2025, though the exact details will be published later on the commission's official website: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join a short online survey about the weather and get rewarded for your time. Askable Sign Up Undo Event Date Online application start date June 3, 2025 Online application end date June 24, 2025 Preliminary exam (tentative) August 3, 2025 Before filling out the application form, candidates are strongly advised to carefully study the detailed advertisement and instructions available on the BPSC website. This will help in avoiding any mistakes during the application process and ensure compliance with all requirements. Vacancy details and reservation policy The recruitment involves 47 posts of DSO/AD distributed across various categories with a 35% horizontal reservation for women candidates. The vacancies are categorised as follows: Category Total posts Posts reserved for women Unreserved 19 7 Economically Weaker Section 5 2 Scheduled Caste 7 2 Scheduled Tribe 0 0 Extremely Backward Class 9 3 Backward Class 6 2 Backward Class Women 1 0 Total 47 16 Additionally, a horizontal reservation of 2% is allocated for the grandchildren of freedom fighters, amounting to 1 post. In accordance with the Rights of Persons with Disabilities Act, 2016, reservations are also made for candidates with disabilities including locomotor, orthopaedic, and multiple disabilities. Eligibility criteria and pay scale Applicants must be at least 21 years old. The upper age limits vary according to category: 37 years for unreserved male candidates, 40 years for backward classes and unreserved females, and 42 years for Scheduled Caste and Scheduled Tribe candidates as of August 1, 2025. Educational qualification is mandatory, requiring a master's degree in Statistics, Mathematics, or Economics from a recognised university. The posts offer a pay scale of Rs 53,100 to Rs 1,67,800 under Level-9, along with additional government allowances. Direct link to download the BPSC DSO/AD recruitment notification 2025 How to apply and further information Candidates should visit the official BPSC website to access the detailed advertisement and submit their online application. The commission emphasises the importance of reading all instructions carefully before applying. The recruitment process promises transparency and equal opportunity under various reservation policies. The preliminary examination date and further details will be released by BPSC in due course. Aspirants are advised to regularly check for updates and notifications related to this recruitment. Ready to empower your child for the AI era? Join our program now! Hurry, only a few seats left.
