Ex-Shell CEO to Chair Castrol
Stonepeak has completed its acquisition of a 65 percent stake in BP's Castrol unit, appointing former Shell CEO Ben van Beurden as board chairman. BP will use the six billion dollars in proceeds to reduce debt.
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Stonepeak completed its acquisition of a 65% stake in Castrol from BP PLC on Monday, appointing former Shell CEO Ben van Beurden to chair the lubricants maker's board. The United States private equity firm closed the transaction after BP agreed to the deal last year. BP will retain a 35% stake in the new joint venture.
