{"id":374485,"date":"2025-12-27T06:09:11","date_gmt":"2025-12-27T06:09:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/374485\/"},"modified":"2025-12-27T06:09:11","modified_gmt":"2025-12-27T06:09:11","slug":"iconic-motorsport-brand-changes-hands","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/374485\/","title":{"rendered":"Iconic motorsport brand changes hands"},"content":{"rendered":"<p>A MAJORITY sale has been reached on iconic automotive and motorsport brand Castrol.<\/p>\n<p>The oil company is synonymous with motorsport both globally and in Australia, having been attached to drivers including but not limited to <a href=\"https:\/\/www.v8sleuth.com.au\/stats-driver-185-Larry-Perkins\" rel=\"nofollow noopener\" target=\"_blank\">Larry Perkins<\/a>, Tony Longhurst, Russell Ingall, Rick Kelly and now <a href=\"https:\/\/www.v8sleuth.com.au\/stats-driver-1293-Thomas-Randle\" rel=\"nofollow noopener\" target=\"_blank\">Thomas Randle<\/a> \u2013 plus the Sandown 500 for a period.<\/p>\n<p>Parent company BP has announced it has struck a sale for a 65 percent shareholding in Castrol for $10.1 billion to Stonepeak. The transaction is expected to be completed by the end of 2026.<\/p>\n<p>BP will retain a 35 percent stake for at least two years.<\/p>\n<p>\u201cWe concluded a thorough strategic review of Castrol, that generated extensive interest and resulted in the sale of a majority interest to Stonepeak,\u201d said BP interim CEO Carol Howle.<\/p>\n<p><a href=\"https:\/\/superstore.v8sleuth.com.au\/products\/1-43-scale-2023-the-bend-race-21-pole-55-ford-mustang-thomas-randle-model?utm_source=SRBuyButton&amp;utm_medium=website\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/superstore.v8sleuth.com.au\/cdn\/shop\/files\/ACD43F23F_2_1024x1024.jpg?v=1764640905\"\/><\/a><\/p>\n<p>\u201cAnd with this, we have now completed or announced over half of our targeted $20bn divestment programme, with proceeds to significantly strengthen bp\u2019s balance sheet.<\/p>\n<p>\u201cThe sale marks an important milestone in the ongoing delivery of our reset strategy.<\/p>\n<p>\u201cWe are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan.<\/p>\n<p>\u201cAnd we are doing so with increasing intensity \u2013 with a continued focus on growing cash flow and returns, and delivering value for our shareholders.\u201d<\/p>\n<p>Stonepeak senior managing director and co-head of energy Anthony Borreca said: \u201cLubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world.<\/p>\n<p>\u201cCastrol\u2019s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers.<\/p>\n<p>\u201cWe are excited to work alongside Castrol\u2019s talented employees, coupled with bp\u2019s continued guidance as a minority interest holder, as we support the business\u2019s continued growth.\u201d<\/p>\n<p>Stonepeak is an \u201calternative investment firm specialising in infrastructure and real assets\u201d headquartered in New York.<\/p>\n","protected":false},"excerpt":{"rendered":"A MAJORITY sale has been reached on iconic automotive and motorsport brand Castrol. The oil company is synonymous&hellip;\n","protected":false},"author":2,"featured_media":374486,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[572],"tags":[64,63,806,805,803,804,85],"class_list":{"0":"post-374485","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-motosport","8":"tag-au","9":"tag-australia","10":"tag-motor","11":"tag-motor-sports","12":"tag-motosport","13":"tag-motosports","14":"tag-sports"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/374485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=374485"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/374485\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/374486"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=374485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=374485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=374485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}