bp to explore potential sale of a stake in Aker BP

bp and Aker today announced that they are exploring a potential block sale of some of the shares they hold in leading independent Norwegian oil and gas producer Aker BP ASA, through a private placement. Aker and BP currently control approximately 40% and 30% of the shares outstanding in Aker BP. The two are contemplating selling shares representing approximately a total of 5% of Aker BP shares through an accelerated book-building process.

The sale would be split in proportion with the sellers’ current respective holdings, with bp selling shares representing approximately 2.1% of Aker BP’s outstanding shares and Aker selling shares representing approximately 2.9%. If this sale is completed, the free float in Aker BP will increase from 30% to 35%.

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