Actionable news
All posts from Actionable news
Actionable news in BP: BP P.L.C.,

Abu Dhabi Said to Explore Asset Sales After Slump in Oil Price

Abu Dhabi is reviewing its largest state-owned companies as the slump in crude oil pressures the emirate’s finances, four people with knowledge of the matter said.

Abu Dhabi National Energy Co. and International Petroleum Investment Co. are in talks with banks on options including strategic partnerships, share sales and asset disposals, the people said, asking not to be identified because talks are private. Mubadala Development Co., an investment fund, is considering further divestments after selling most of the assets in its joint venture with General Electric Co., according to the people.

Bank of America Corp., JPMorgan Chase & Co. and Credit Suisse Group AG are among banks pitching for mandates, while some government-related entities have already appointed advisers, according to the people. Mubadala, Abu Dhabi National Energy Co., known as Taqa, and IPIC own about $150 billion of assets, according to Bloomberg calculations. The banks declined to comment or weren’t available to comment, as were Taqa and IPIC.

“As a diversified and active investor, we’re always looking for new investment opportunities in challenging times, as well as...