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The backstage equity steadfast which employs BP's president arsenic an advisor is among the bidders exploring a takeover of Castrol, the lipid giant's lubricant limb which has been enactment up for merchantability for astir $8bn (£5.8bn).
Sky News has learnt that Clayton Dubilier & Rice (CD&R) has joined the ranks of strategical and fiscal bidders which are portion of an auction launched by BP earlier this year.
CD&R's engagement successful the process is notable due to the fact that Helge Lund, who is stepping down arsenic BP president successful the adjacent 12 months, is an operating advisor to the buyout firm.
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Mr Lund has nary engagement successful CD&R's enactment connected an connection for Castrol, according to insiders.
The buyout steadfast is 1 of the world's largest, and owns assets successful the UK including Morrisons, the supermarket chain, and Motor Fuel Group.
Bloomberg News has reported that Apollo Global Management, Lone Star Funds and India's Reliance Industries are bidders for the lubricants business.
The auction of Castrol is progressing astatine a turbulent clip for BP, which is nether siege from Elliott Management, the activistic investor, amid demands for the institution to slash costs and boost profitability.
Last week, London-listed lipid rival Shell denied a Wall Street Journal study that it was successful early-stage talks to bargain BP, saying it had not been actively considering an offer.
While erroneous, the communicative underlined the information that BP is regarded arsenic a plausible takeover people due to the fact that of its travails.
Sky News revealed precocious that erstwhile Centrica main enforcement Sam Laidlaw and Ken MacKenzie, the erstwhile seat of mining elephantine BHP, were among those approached to regenerate Mr Lund astatine BP.
Both person present withdrawn from the process.
A spokesperson for CD&R declined to comment, portion BP has been contacted for comment.
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