BP PLC ($BP) is reportedly considering selling its lubricants division, Castrol, amid growing pressure from activist investor Elliott Management

BP (NYSE:BP) is considering a potential sale of its lubricants business in a deal that could fetch ~$10B, in one of the many options the company is considering to win back investor confidence after years of lagging performance,

Oil major BP is considering a potential sale of its lubricants business, Castrol, which could be worth about $10 billion in a deal, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Activist Elliott Management has become BP’s third-largest shareholder after building a near-5 per cent stake worth almost £3.8bn, as it seeks to force the troubled UK oil major to cut spending on renewable energy and make big divestments, according to two people close to the situation.

BP (bp) is contemplating the sale of its Castrol lubricants business, a move that could value the unit at approximately $10bn, reported Bloomberg. The potential divestment comes as the oil giant seeks to regain investor trust after a period of underperformance.

BP Plc (BP) stock garnered retail attention on Tuesday after Bloomberg News reported that the company is considering selling its lubricants business. Shares were up marginally in after-hours trading.