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 &lt;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.
  

