BP raises roughly $1 billion from Aker BP stake sale (updated)
UPDATE 1-BP raises roughly $1 billion from Aker BP stake sale Adds details throughout
Nov 5 (Reuters) - BP BP.L said on Thursday it has raised about $1.06 billion from selling a 5% stake in Norwegian oil and gas company Aker BP AKRBP.OL, as the British energy major streamlines its portfolio and cuts debt under CEO Meg O’Neill.
The company has sold a 5% stake in Aker BP, out of its 15.9% holding, at 311 Norwegian Krone per share
BP will now hold 68.7 million shares in Aker BP, or about a 10.9% interest, making it the Norwegian group's fourth-largest shareholder, according to LSEG data
"We believe now is the right time for us to realize part of (Aker BP's) value to further strengthen BP's balance sheet, our first priority as we build a simpler, stronger, more valuable bp,” O’Neill said
Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, controlled by Norwegian billionaire Kjell Inge Roekke
BP on Thursday also forecast 2026 divestment and other proceeds to be around $9 billion, about $1 billion higher than it previously projected
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu and Sonia Cheema)
((Pushkala.A@thomsonreuters.com; X and LinkedIn: @pullthekart;))