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.
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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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