Exxon turns to auction for Hong Kong power stake: sources

Exxon Mobil has launched an auction to sell up to US$2 billion (HK$15.5 billion) worth of shares in a Hong Kong power venture after a year-long effort to offload its holding to its partner yielded no result, sources familiar with the matter said.

The world’s biggest oil company by market value has hired Barclays as an advisor for the sale of nearly half of its 60 per cent stake in Castle Peak Power as part of its plan to divest non-core assets.

via Business feed http://www.scmp.com/business/companies/article/1185410/exxon-turns-auction-hong-kong-power-stake-sources