BP sells stake in unique BEE deal

BP’s SOUTH African unit sold a 25 percent stake in the business to two black-owned partners that will give the new investors voting rights in the oil producer’s local operations. The Kapela black economic empowerment consortium (BEE) acquired a 20 percent stake plus one share and the BPSA education foundation gained a 5 percent holding, BP Southern Africa said yesterday. The inclusion of voting rights sets the transaction-apart from previous BP empowerment deals, conducted since 2001. – Bloomberg