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

By Reuters News

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

  • 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

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

  • 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 AKER.OL

  • 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

  • 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 has previously ruled out pursuing upstream acquisitions outside Norway

($1 = 9.3035 Norwegian crowns)

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