BP cans its ARCO Aluminium stake

4th Apr 2011 07:23

Oil giant BP is to sell its wholly owned subsidiary ARCO Aluminium to a consortium of Japanese companies.The consortium, comprised of Sumitomo Light Metal Industries (40%), Furukawa Sky Aluminum (35%), Sumitomo Corporation (20%), Itochu Corporation (2%), and Itochu Metals Corporation (3%), is paying $680m in cash for ARCO, subject to closing adjustments."Although a strong business, ARCO Aluminum is clearly a non-strategic asset for BP," said BP's chief executive, Bob Dudley. The sale of ARCO takes the amount raised by BP through asset sales since the Gulf of Mexico oil rig disaster above $24bn. The group has said it plans to raise up to $30bn through divestments by the end of 2011.ARCO Aluminum produces and markets a range of aluminium sheet for the major US domestic beverage can makers.---jh