Motor Fuel Group-owner among suitors for BP's $8bn Castrol unit
Sky News has learnt that Clayton Dubilier & Rice (CD&R) has joined the ranks of strategic and financial bidders which are part of an auction launched by BP earlier this year.
CD&R's involvement in the process is notable because Helge Lund, who is stepping down as BP chairman in the next 12 months, is an operating advisor to the buyout firm.
Money blog: M&S gives update after hack
Mr Lund has no involvement in CD&R's work on an offer for Castrol, according to insiders.
The buyout firm is one of the world's largest, and owns assets in the UK including Morrisons, the supermarket chain, and Motor Fuel Group.
Bloomberg News has reported that Apollo Global Management, Lone Star Funds and India's Reliance Industries are bidders for the lubricants business.
The auction of Castrol is progressing at a turbulent time for BP, which is under siege from Elliott Management, the activist investor, amid demands for the company to slash costs and boost profitability.
Last week, London-listed oil rival Shell denied a Wall Street Journal report that it was in early-stage talks to buy BP, saying it had not been actively considering an offer.
While erroneous, the story underlined the fact that BP is regarded as a plausible takeover target because of its travails.
Sky News revealed recently that former Centrica chief executive Sam Laidlaw and Ken MacKenzie, the former chair of mining giant BHP, were among those approached to replace Mr Lund at BP.
Both have now withdrawn from the process.
A spokesman for CD&R declined to comment, while BP has been contacted for comment.
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