In a bid to sell up to US$2 billion worth of stocks, Exxon Mobil Corp has opted to sell its interest at an auction for the Hong Kong power venture it had ended a year ago. The sale has been ongoing for a year but no takers have been interested in the investment.
The company is the world's largest oil company by market value and in order to advise on the sale, the giant has engaged the services of Barclays Plc for the sale. The interest is its 60% stake in Castle Peak Power Co. Ltd and this divestment is in line with its liquidation of non-core assets.
There has been preliminary discussions to sell the whole stake to CLP Holdings and China Southern Power Grid but talks fell through when the parties disagreed on valuations according to sources familiar with the transaction. CLP currently owns 40% of Castle Peak.
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