Morrison’s owner joins Castrol bidders

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Un logo Castrol de marque rouge et vert

Sky News a récemment rapporté que la société de capital-investissement Clayton Dubilier & Rice (CD&R) avait rejoint la liste des prétendants pour acheter le Castrol business from BP.

CD&R is one of the world’s biggest firms with a focus on buying existing businesses and building on them to generate long-term value. Its assets in the UK include Motor Fuel Group, the country’s largest independent network of fuel forecourts, and supermarket chain Morrisons. What is particularly noteworthy is that outgoing BP chairman Helge Lund is one of CD&R’s operating advisors. Sky Nouvelles reports insiders as saying that Lund is not involved in the bid, however.

BP is going through a rough period where it is seen as underperforming relative to its comparable rivals. Investors like Elliott Management are pushing for the company to improve its profitability by slashing costs. Speculation has also been rife that its relatively low share price makes it a prime target for a takeover. This even prompted fellow UK oil giant Shell, qui fabrique également des produits lubrifiants comme de la graisse et de l'huile pour engrenages, pour nier formellement une telle intention.

Reliance Industries of India, Lone Star Funds and Apollo Global Management are also bidding for Castrol, according to Bloomberg Nouvelles . BP is looking for about $8 billion (£5.8 billion) for the business, which it acquired in 2000 in a deal worth £3 billion. Castrol is a well-known brand with a history dating back to 1899. It operates in more than 150 countries and is a prominent sponsor of teams in the World Rally Championship and Formula 1.

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