Strategic Shakeup - Business Outrank

Reliance Industries together with Saudi Aramco are conducting talks about acquiring BP's Castrol lubricant unit at a potential price of $10 billion. The global market shows interest in Castrol because private equity giants Apollo Global and Lone Star Funds also show interest. BP sells Castrol as part of its restructuring plan because crude oil prices dropped and activist investor Elliott Investment Management applied pressure. The Indian market interests Reliance because Castrol India Ltd operates as a listed company on the BSE with a market value of $2.4 billion. Castrol India shares experienced a 6% increase in value during the early trading session on May 29. The unit faces a potential acquisition by Saudi Aramco through either a complete or partial purchase with formal bids expected to be submitted during the upcoming weeks. The banks have started preparing a $4 billion debt package which will include high-yield bonds and leveraged loans available in euros and US dollars to support the deal. The acquisition would provide Reliance with strategic advantages through Castrol's operations in the energy sector and its expansion into emerging AI cooling markets. The Castrol sale by BP represents a major strategic move because the company needs to transform its business operations under current financial challenges.

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