BP sells out of PetroChina

The global oil firm makes a 189% return from its three-and-a-half year investment in the Chinese oil major.

BP yesterday sold its 3.516 billion shares in PetroChina at a price of HK$3.70 raising some HK$13 billion $1.7 billion. The stake - 2% of PetroChina's outstanding share capital and 20% of its free float - was acquired for HK$1.28 in the Chinese company's April 2000 IPO.

BP has therefore made HK$8.5 billion from its investment. Goldman Sachs was sole bookrunner on the deal. Fees were not disclosed.

The sale was priced at an 8% discount to yesterday's Monday closing price of HK$4.025, at the tight end of an indicative range of an 8% to 11% discount. According to sources close to...

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