Lehman Brothers has completed the first stage of a disposal programme for BP, the UK oil giant, which is selling off its plastics packaging and plastic fabrics and fibres businesses.

Lehman, which is managing BP's plastics packaging disposal programme, helped the UK group sell its 51% stake in Arjobex, the plastics maker. BP sold its Arjobex stake to Arjo Wiggins Appleton, a UK manufacturing company that already held 49% of the firm. The deal is the first under the programme unveiled in January.