BP divests Sinopec stake

BP plc offloaded a 2.1% stake in Chinese integrated oil major Sinopec yesterday (Tuesday) raising HK$5.76 billion ($739 million) from a sale that represents 10.9% of the company's H share capital. With Morgan Stanley as lead manager, the UK-based group sold 1.829 billion shares at the tightest end of a HK$3.10 to HK$3.15 pre-marketed range.