BP divests Sinopec stake

Shares priced at an impressively slim discount to spot.

BP plc offloaded a 2.1% stake in Chinese integrated oil major Sinopec yesterday Tuesday raising HK$5.76 billion $739 million from a sale that represents 10.9% of the company's H share capital. With Morgan Stanley as lead manager, the UK-based group sold 1.829 billion shares at the tightest end of a HK$3.10 to HK$3.15 pre-marketed range.

Pricing at HK$3.15 per share equates to a 0.79% discount to Sinopec's HK$3.175 close and was aggressive...

To continue reading, please login or register for free

Click for more on: bp | divests | sinopec | stake

Print Edition

FinanceAsia Print Edition

CONFERENCES