BP plans to halve NZ Refining stake
BP's reduction in shareholding won't affect existing contractual arrangements between NZ Refining and BP, NZ Refining said.
BP New Zealand Holdings is selling down part of its holding in the nation's only oil refinery operator, NZ Refining, potentially reaping as much as $86 million.
BP New Zealand Holdings and Europa Oil NZ told NZ Refining after the market closed yesterday that it planned to sell as much as 11.1% of the company, reducing its holding to 10.09%, NZ Refining said in a statement to the stock exchange this morning. NZ Refining's stock is in a trading halt pending confirmation from BP that it has sold the shares, the statement said.
NZ Refining shares last traded at $2.49, valuing the 11.1% stake at $86.4 million.
BP's reduction in shareholding won't affect existing contractual arrangements between NZ Refining and BP, NZ Refining said.
Among NZ Refining's other major shareholders, Mobil Oil New Zealand owns 17.2%, and Z Energy owns 15.36%, according to NZX data.
(BusinessDesk)
Tina Morrison
Fri, 17 Mar 2017
Fri, 17 Mar 2017
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BP plans to halve NZ Refining stake
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