Latest news with #lubricants
Yahoo
6 days ago
- Business
- Yahoo
BP's Castrol unit gets One Rock Capital Partners' bid, Bloomberg News reports
(Reuters) -One Rock Capital Partners, a U.S. private equity firm, is one of the few remaining bidders for BP's Castrol lubricants business, Bloomberg News reported on Wednesday, citing people familiar with the matter. One Rock declined to comment, while BP did not immediately respond to a Reuters' request for comment outside regular business hours. The private equity firm is bidding for the entire asset, the report said, adding that Canada Pension Plan Investment Board, another interested party, is only interested in taking a minority stake. Deliberations are ongoing. One Rock and CPPIB could decide against proceeding with their offers, as per the report. Reuters reported in May that BP kicked off the sale of the Castrol lubricants business, which could raise between $8 billion and $10 billion. Saudi Aramco was one of the parties considering a potential bid for the business. Bloomberg previously reported that the lubricants business also attracted interest from companies such as India's Reliance Industries, buyout firms Apollo Global Management and Lone Star Funds, among others. Several big-name energy companies and financial suitors have dropped out of the bid and valuation expectations have slipped, Bloomberg reported on Wednesday, adding that BP may also opt to keep the asset for longer. Sign in to access your portfolio
Reuters
6 days ago
- Business
- Reuters
BP's Castrol unit gets One Rock Capital Partners' bid, Bloomberg News reports
July 23 (Reuters) - One Rock Capital Partners, a U.S. private equity firm, is one of the few remaining bidders for BP's (BP.L), opens new tab Castrol lubricants business, Bloomberg News reported on Wednesday, citing people familiar with the matter. One Rock declined to comment, while BP did not immediately respond to a Reuters' request for comment outside regular business hours. The private equity firm is bidding for the entire asset, the report said, adding that Canada Pension Plan Investment Board, another interested party, is only interested in taking a minority stake. Deliberations are ongoing. One Rock and CPPIB could decide against proceeding with their offers, as per the report. Reuters reported in May that BP kicked off the sale of the Castrol lubricants business, which could raise between $8 billion and $10 billion. Saudi Aramco ( opens new tab was one of the parties considering a potential bid for the business. Bloomberg previously reported that the lubricants business also attracted interest from companies such as India's Reliance Industries ( opens new tab, buyout firms Apollo Global Management (APO.N), opens new tab and Lone Star Funds, among others. Several big-name energy companies and financial suitors have dropped out of the bid and valuation expectations have slipped, Bloomberg reported on Wednesday, adding that BP may also opt to keep the asset for longer.
Yahoo
6 days ago
- Business
- Yahoo
BP's Castrol unit gets One Rock Capital Partners' bid, Bloomberg News reports
(Reuters) -One Rock Capital Partners, a U.S. private equity firm, is one of the few remaining bidders for BP's Castrol lubricants business, Bloomberg News reported on Wednesday, citing people familiar with the matter. One Rock declined to comment, while BP did not immediately respond to a Reuters' request for comment outside regular business hours. The private equity firm is bidding for the entire asset, the report said, adding that Canada Pension Plan Investment Board, another interested party, is only interested in taking a minority stake. Deliberations are ongoing. One Rock and CPPIB could decide against proceeding with their offers, as per the report. Reuters reported in May that BP kicked off the sale of the Castrol lubricants business, which could raise between $8 billion and $10 billion. Saudi Aramco was one of the parties considering a potential bid for the business. Bloomberg previously reported that the lubricants business also attracted interest from companies such as India's Reliance Industries, buyout firms Apollo Global Management and Lone Star Funds, among others. Several big-name energy companies and financial suitors have dropped out of the bid and valuation expectations have slipped, Bloomberg reported on Wednesday, adding that BP may also opt to keep the asset for longer. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
6 days ago
- Business
- Bloomberg
BP's Castrol Unit Gets One Rock Bid as Most Suitors Drop
One Rock Capital Partners, a US mid-market private equity firm, is one of the few remaining bidders for BP Plc 's Castrol lubricants business, people familiar with the matter said, illustrating the potential challenges for the key asset disposal by the oil major. Several big-name energy companies and financial suitors have dropped out and valuation expectations have slipped, according to the people, who asked not to be identified as the information is private. One Rock is bidding for the entire asset, while Canada Pension Plan Investment Board is only interested in taking a minority stake, the people said.
Arab News
20-07-2025
- Automotive
- Arab News
Al-Jomaih & Shell renews partnership with Yelo
Al-Jomaih and Shell Lubricating Oil Company has announced the renewal of its strategic partnership with Al-Wefaq Transportation Solutions, or Yelo, one of Saudi Arabia's top vehicle rental companies. The renewed agreement will ensure the continued supply of Shell's premium lubricants to support Yelo's rapidly growing fleet operations across the Kingdom. The agreement, signed in Riyadh, aligns with the goals of Saudi Vision 2030, which emphasizes innovation, sustainability, and sectoral growth in the Kingdom's transportation and mobility industry. This agreement reflects a shared commitment to the highest service standards, operational efficiency and fleet optimization. It also supports the performance of Yelo, which operates a fleet of more than 33,000 vehicles through a network of 90 car rental branches. Yelo relies on advanced, high-performance lubrication solutions to maintain vehicle quality, reduce downtime and enhance resale value, all core to the company's customer promise and growth strategy. Saher Hashem, CEO of Al-Jomaih and Shell Lubricating Oil Company, expressed his delight in extending the collaboration with Yelo, affirming that the company is a model of innovation and reliability in the mobility sector. He said: 'This renewal reinforces the strength of our relationship and reflects our shared focus on sustainability, outstanding performance, and delivering long-term value through Shell's leading lubrication technologies.' Hamad Al-Humaid, CEO of Al-Wefaq Transportation Solutions, emphasized the importance of reliable partnerships in delivering an exceptional customer experience and maintaining fleet efficiency and performance quality. He said: 'Our partnership with Al-Jomaih and Shell Lubricating Oil Company has consistently proven valuable in optimizing operational efficiency, reducing maintenance costs, and ensuring our vehicles are always in top condition.' Shell lubricants play an important role in supporting our ambitious growth and commitment to excellence, and we look forward to building on this strong foundation.'
