BP divests Sinopec stake

Shares priced at an impressively slim discount to spot.

BP plc offloaded a 2.1% stake in Chinese integrated oil major Sinopec yesterday Tuesday raising HK$5.76 billion $739 million from a sale that represents 10.9% of the company's H share capital. With Morgan Stanley as lead manager, the UK-based group sold 1.829 billion shares at the tightest end of a HK$3.10 to HK$3.15 pre-marketed range.

Pricing at HK$3.15 per share equates to a 0.79% discount to Sinopec's HK$3.175 close and was aggressive in the context of the 8% average achieved by most Greater China placements so far this year. Indeed, when BP sold a 2% stake in Petrochina last month, it priced it at an 8% discount...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222