Tuesday, April 5, 2011

BP (BP) Divests of ARCO for $680 Million

Even though it is a solid, growing asset, ARCO Aluminum isn't a core holding of BP (NYSE:BP), and the giant oil firm announced it has sold it to a consortium of Japanese companies for $680 million.

"Although a strong business, ARCO Aluminum is clearly a non-strategic asset for BP. Today's agreement will deliver an attractive price for the business, unlocking its value for our shareholders," said BP Chief Executive Bob Dudley.

BP is still attempting to raise approximately $30 billion by the end of 2011 via divestments in order to pay various claims and/or lawsuits.

Included in the Japanese group are Sumitomo Light Metal Industries (5738.T: Quote) (40 percent), Furukawa Sky Aluminum (5741.T) (35 percent), Sumitomo Corporation (8053.T) (20 percent), and Itochu Metals Corporation (3 percent).

BP (NYSE:BP) closed Monday at $45.89, gaining $0.23, or 0.50 percent.

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