Company briefs: BP, 800 Super, Citigroup
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BP
BP is seeking to get rid of its oil assets in Mexico amid a shift in its business strategy towards renewable energy and a challenging political climate in the energy sector in the country.
Since winning three exploration contracts in partnerships with France's TotalEnergies, Equinor, Qatar Petroleum and Hokchi Energy six years ago, BP has sold off its participation or is in the process of returning the blocks it won to the National Hydrocarbons Commission, the nation's regulator, according to a company representative.
BLOOMBERG
800 Super
The founders of Singapore rubbish collector 800 Super Waste Management, backed by private equity firm KKR & Co, are nearing a deal to sell the business which could value it around US$300 million (S$413.7 million), two sources with knowledge of the matter said.
The company is controlled by executive chairman Lee Koh Yong and his family. Final bidders include Australia's Macquarie Asset Management and KKR, which funded 800 Super's 2019 management-led buyout from the local bourse and owns a minority stake in the company, the sources said.
REUTERS
Citigroup
Citigroup has sued Revlon in a bid to resolve a nagging legal question that emerged after the bank mistakenly wired US$900 million (S$1.2 billion) in 2020 to the cosmetics giant's lenders and intensified after Revlon filed for bankruptcy.
When Citi failed to get most of it back, it said it became a lender to Revlon, effectively stepping into the shoes of funds which refused to return about US$500 million of the mistaken payment. But Revlon has since hinted that it may challenge Citi's status as a creditor, prompting Citi to file a suit in a bankruptcy court last Friday.
BLOOMBERG
