BP sells stake in Norway's Aker BP at 12% discount

BP Sells 5% Stake in Norway's Aker BP at 12% Discount, Raising $1.06 Billion

BP's Stake Sale in Aker BP: Key Details and Background

Transaction Overview

OSLO, Nov 5 (Reuters) - British oil major BP has sold a 5% stake in Norway's Aker BP for 9.83 billion Norwegian crowns ($1.06 billion), brokers Barclays and DNB Carnegie said on Thursday.

Sale Price and Discount

• The shares were sold at a price of 311 crowns, a 12% discount to Wednesday's closing price of 354 crowns on the Oslo Bourse

Background of Aker BP

• Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, controlled by Norwegian billionaire Kjell Inge Roekke

BP's Shareholding and Lock-up Period

• BP owned 15.9% of Aker BP before the transaction, making it the company's second-largest shareholder after Roekke's investment firm Aker ASA

• The remaining 10.9% stake held by BP will be subject to a 90-day lock-up period following completion of a sale, subject to customary exemptions

BP's Broader Divestment Strategy

UK Upstream Portfolio Sale

• In July, BP launched the sale of its UK upstream portfolio, estimated to be worth about $2.6 billion, with existing North Sea producers seen as the most likely bidders

Aker BP's Acquisition Policy

• Aker BP has previously ruled out pursuing upstream acquisitions outside Norway

Exchange Rate Information

($1 = 9.3035 Norwegian crowns)

Reporting Credits

(Reporting by Terje Solsvik and Nerijus Adomaitis, editing by Stine Jacobsen)