BP agrees $680 million ARCO Aluminum sale

LONDON (Reuters) – BP Plc (BP.L: Quote, Profile, Research) said on Monday it had agreed to sell ARCO Aluminum, a supplier of rolled aluminum sheet used mainly in the production of beverage cans, to a consortium of Japanese companies for $680 million in cash.

The consortium, which comprises Sumitomo Light Metal Industries (5738.T: Quote, Profile, Research) (40 percent), Furukawa Sky Aluminum (5741.T: Quote, Profile, Research) (35 percent), Sumitomo Corporation (8053.T: Quote, Profile, Research) (20 percent), Itochu Corporation (8001.T: Quote, Profile, Research) (2 percent) and Itochu Metals Corporation (3 percent), expects to complete the deal in the third quarter of 2011, BP said.

“Although a strong business, ARCO Aluminum is clearly a non-strategic asset for BP. Today’s agreement will deliver an attractive price for the business, unlocking its value for our shareholders,” said BP Chief Executive Bob Dudley.

BP is hoping to raise $30 billion from disposals by the end of 2011 to help pay for the worst-ever offshore U.S. oil spill last year, the bill for which is estimated to be around $41 billion. It has already agreed deals worth a total of over $24 billion.

(Reporting by Matt Scuffham; Editing by Neil Maidment)

BP agrees $680 million ARCO Aluminum sale