BP moves to float off division

BP moves to float off division

Mark Milner
Monday March 7, 2005
The Guardian

BP has recruited investment banks Goldman Sachs and Morgan Stanley in a move that is thought to signal an upcoming flotation of its underperforming olefins and derivatives (O&D) arm.
…

BP confirmed the appointment of Morgan Stanley and Goldman Sachs as part of the process of disposing of the O&D business but said: “We are still looking at all the options but we have not yet made a decision. We are going to work through the options logically and sensibly. We are not a company that needs to rush [into a sale].”
However with “for sale” signs up over the business for the best part of a year, a trade sale is looking a less likely option than a stock market flotation.
BP is reported to be considering the sale of a 50%-plus stake in the Chicago-based business, which employs 7,500 people. The money raised from the sale is expected to be returned to shareholders.

http://www.guardian.co.uk/business/story/0,3604,1431844,00.html