U.K. TO SELL OFF REMAINING 31.7 PCT STAKE IN BP
The British Conservative government said
it would sell off its remaining 31.7 pct shareholding in
British Petroleum Co Plc <BP.L> during the next financial year
which starts on April 1.
    Treasury Financial Secretary Norman Lamont made the
announcement to Parliament. He said, "The government's policy is
to sell its minority holdings in companies as and when
circumstances permit.
    "As part of this policy I am now able to announce that,
subject to market conditions, the government will sell its
remaining shares in BP during the 1987/88 financial year."
    The last sale of British government shares in BP was in
September 1983. The government currently holds some 578.5 mln
ordinary shares in the company.
    Lamont said the Treasury would appoint financial advisers
for the sale. Merchant banks and stockbrokers interested in
being considered for this would be interviewed in early April.
    In September 1983, the U.K. Government sold 150 mln shares
in an underwritten offer for sale by tender. The striking price
then was 435 pence - 7.5 pct above the minimum tender price, a
Treasury spokesman said.
    He said the sale of BP shares would not cut across the
government's plans to privatise Rolls-Royce, in either April or
May, or the sale of BAA Plc, the British airports authority
which is slated for privatisation in either June or July.
 Reuter
