BP sells stake in unique BEE deal

The Star Early Edition - - BUSINESS REPORT -

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

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