BP and Aker sell stake in oil venture Aker BP at 10% discount

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OSLO, Nov 11 (Businesshala) – Oil major BP and Norway’s Aker said on Thursday they have jointly sold a 5% stake in Norwegian oil firm Aker BP, bringing their combined stake in the company to 65%.

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Aker and BP said 18.01 million shares were sold at 310 crowns, a 10.2% discount from Wednesday’s close, for a total of 5.58 billion Norwegian crowns ($655 million).

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Aker BP was formed in 2016 through a combination of the Norwegian oil and gas producing units of Aker and BP, and the company’s shares have risen four-fold.

The two owners said they had sought to realize some of those gains and diversify their holdings, while still remaining committed to Aker BP.

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“Consistent with our long-standing track-record of active portfolio management, these divestiture proceeds are expected to further strengthen (BP) balance sheet and support our ongoing buyback commitment,” BP Chief Executive Bernard Looney said in a statement. would be expected.”

As part of the transaction, Aker and BP agreed not to sell any more shares in the venture for the next six months.

“Aker BP is, and will remain, a major holding in Aker’s portfolio,” said Aker Chief Executive Oyvind Eriksson.

“The objective of the proposal, however, is to balance Aker’s portfolio by freeing up liquidity, while continuing to diversify and grow the portfolio,” he said.

Aker sold 10.29 million shares with a 37.14% stake, while BP sold 7.72 million shares and Aker now owns 27.85% of BP.

The stock sales were managed by JP Morgan, Pareto Securities, DNB Markets, Goldman Sachs and Morgan Stanley. ($1 = 8.5185 Norwegian Crown) (Reporting by Terje Solsvik, Editing by Gvladis Foche)

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