Bidders for BP's Castrol Consider Making Offers Below $8 Billion, FT Says, Citing Sources

Dow Jones

2025/06/02

--Potential buyers of BP's lubricants business Castrol are considering offers below $8 billion, the Financial Times reports, citing unnamed sources

--The offers might rise but BP needs to sell Castrol for a $12 billion enterprise value if it is to boost free cash flow, the FT reports, citing analysts.

--The sale process is being run by Goldman Sachs, with Chinese state-owned investment company Citic considering a bid, alongside Apollo, Lone Star, Aramco, EG Group's Zuber Issa, and Reliance Industries, according to the report.

--BP, Apollo, Lone Star, Aramco and Issa declined to comment, while Citic and Reliance Industries weren't immediately available for comment, the report says.

Full story: https://shorturl.at/oZxtS

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

June 02, 2025 02:16 ET (06:16 GMT)

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