BP (NYSE:BP) +3.9% pre-market Monday after unveiling plans to merge its offshore wind business with that of Japanese power utility JERA to create a combined standalone company, and invest as much as $5.

BP and JERA Co. have struck a deal to combine their offshore wind businesses to form a new standalone, joint venture. The combined entity will be called JERA Nex bp. It will be equally owned ... Read

BP and Japanese power generator JERA have agreed to join forces to form one of the world's largest offshore wind operators, a major step in CEO Murray Auchincloss' efforts to reduce BP's focus on renewables.