BP to sell Arco Aluminium to Japanese consortium

Oil and gas company BP has agreed the sale of its wholly owned subsidiary, Arco Aluminium, to a special-purpose vehicle incorporated by a consortium of Japanese companies.

Arco Aluminium is a supplier of rolled aluminium sheet, used primarily in the production of beverage cans.

Under the terms of the agreement, the consortium — comprised of Sumitomo Light Metal Industries, (40 per cent), Furukawa Sky Aluminium (35 per cent), Sumitomo (20 per cent), Itochu (two per cent) and Itochu Metals (three per cent) — will pay BP $680m (£421.4m) in cash, subject to closing adjustments.

Subject to obtaining required regulatory approvals, the parties expect to complete the transaction in the third quarter of 2011.