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Total preparing for sale or listing of US$4.6b rubber unit Hutchinson: sources
[FRANKFURT] Europe's second-biggest oil company Total is preparing for the sale or listing of its rubber and isolation unit Hutchinson that could be worth up to 4 billion euros (US$4.58 billion), sources told Reuters.
Total has asked potential advisors to pitch for the business with a mandate to be awarded soon, four sources familiar with the matter said, speaking on condition of anonymity as the matter is private.
Total is under pressure from shareholders to improve its cash flow and raise dividends as it counts the cost of the collapse in oil prices.
A Total spokeswoman declined to comment.