Shell- and Exxon-backed U.K. chemicals unit exploring $8B sale - FT

What happened: Infineum, a U.K. chemicals group owned 50-50 by Shell (SHEL) and ExxonMobil (XOM), is exploring an $8B sale, the Financial Times reported. Bank of America advisors are running the process, which launched in recent days. Key numbers: $8B sale target. Annual EBITDA of $700M-$800M. Products sold in 90 countries. BP sold its Castrol division to Stonepeak for $10B last year. Why it matters: The report says the companies seek to refocus on core oil and gas operations, and Infineum hopes to attract private equity suitors. Market: -0.7% today ($176.89), +46.2% YTD, 0.3x vol — as of 17:02 UTC Coverage: 4 outlets in 24h

Infineum, a U.K. chemicals group owned 50-50 by Shell (SHEL) and ExxonMobil (XOM), is exploring an $8B sale, the Financial Times reported. Bank of America advisors are running the process, which launched in recent days.

The report says the companies seek to refocus on core oil and gas operations, and Infineum hopes to attract private equity suitors. Market: -0.7% today ($176.89), +46.2% YTD, 0.3x vol — as of 17:02 UTC