Reliance Industries, Aramco among suitors for Castrol business
Photo/Agencies
BP's Castrol lubricant business is attracting interest from energy companies including Reliance Industries and buyout firms, such as Apollo Global and Lone Star Funds, people with knowledge of the matter said.
BP has sent out initial information to other potential bidders for the unit, including Brookfield Asset Management and Stonepeak Partners, the people said. The business could fetch $8-10 billion. The suitors would join 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.. Some suitors could team up as well.
Representatives for BP, Apollo, Lone Star, Brookfield and Stonepeak declined to comment, while a spokesperson for Reliance wasn't immediately available for comment.
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