BP agrees sell Arco Aluminum $ 680 million

BP agrees to sell Arco Aluminum for $ 680 million

1:09 PM, 17th June 2011
BP agrees to sell Arco Aluminum for $ 680 million
Bob Dudley, Group Chief Executive BP.

LONDON, UK: BP announced it has agreed the sale of its wholly-owned subsidiary, ARCO Aluminum Inc to a special purpose vehicle incorporated by a consortium of Japanese companies. ARCO Aluminum is a supplier of rolled aluminium sheet, used primarily in the production of beverage cans.

Under the terms of the agreement the consortium - comprised of Sumitomo Light Metal Industries, Ltd (40 per cent), Furukawa Sky Aluminum Corp (35 per cent), Sumitomo Corporation (20 per cent), Itochu Corporation (2 per cent), and Itochu Metals Corporation (3 per cent) - will pay BP $ 680 million in cash. The transaction is expected to be completed in third quarter of 2011.

“Although a strong business, ARCO Aluminum is clearly a non-strategic asset for BP. Today’s agreement will deliver an attractive price for the business, unlocking its value for our shareholders,” said Bob Dudley, Group Chief Executive BP.

© WOC News

 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Toray to start spunbond manufacturing plant in Indonesia

TOKYO, JAPAN: Toray Industries Inc and Toray Advanced Materials Korea Inc have decided to enter the high-performance polypropylene spunbond business ...

Read more
Linde AG posts higher sales, continues to see growth

Sales grow 14.9 per cent to € 3.325 billion Operating profit increases at a faster rate than sales, by 18.7 per cent to € 761 mill ...

Read more
ShawCor and Welspun sign $ 60 million contract

ONTARIO, CANADA: ShawCor Ltd’s pipecoating division, Bredero Shaw, has received a contract valuing excess of $ 60 million from Welspun Corp Limi ...

Read more
Solvay launches friendly cash offer for Rhodia

€ 31.60 per share represents a 50 per cent premium over the last share price prior to the announcement of the offer Offer of € 52.30 per ...

Read more
Sumitomo increases stake in Nufarm to 21.7 per cent

TOKYO, JAPAN: Sumitomo Chemical Company Limited has increased its shareholding in Nufarm Limited to 21.7 per cent and that it plans to acquire up to ...

Read more
Abu Dhabi’s ChemaWEyaat awards contract for aromatics project

CHANGI BUSINESS PARK, SINGAPORE: Abu Dhabi National Chemicals (ChemaWEyaat) has awarded the project management consulting contract for its Tacaamol ar ...

Read more