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(Alliance News) - A subsidiary of London-based oil giant BP PLC sold a 5.0% stake in UK-focused oil and gas company Serica Energy PLC, it was announced on Thursday.
The subsidiary, BP Exploration Operating Co Ltd, sold 13.5 million shares in Serica at a price of 365 pence each, raising GBP49.3 million.
Serica will not receive any proceeds from BP Exploration's sale. The closing of the placing is expected on May 3.
Shares in BP were up 1.7% at 384.85 pence on Thursday morning in London. Serica shares were down 6.7% at 366.50 pence.
By Heather Rydings; heatherrydings@alliancenews.com
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