BP announces Arco Aluminium sale
BP has revealed it is to sell Arco Aluminium.
BP has announced the sale of its subsidiary Arco Aluminium to a consortium of Japanese firms.
Business negotiations have resulted in Sumitomo Light Metal Industries, Furukawa Sky Aluminium, Itochu Corporation and Itochu Metals - among others - paying $680 million (£420 million) in cash for the company.
The deal is subject to closing adjustments and will require regulatory scrutiny before proceeding, with BP predicting a completed transaction by this year's third quarter.
Commenting on the sale, Bob Dudley, group chief executive for the company, claimed that despite being a "strong" firm, Arco is a "non-strategic asset".
"Today's agreement will deliver an attractive price for the business, unlocking its value for our shareholders," he said.
BP went on to state that it remains on target to reach its goal of up to $30 billion of divestments before 2011's end.
Earlier in the month, Vodafone paid $5 billion to buy out Essar Group's stake in a joint venture in India.