Monday, July 05, 2010

BP is currently valued at 60 billion British Pounds - clean-up may cost 60% of that

Current projections are for a $60 billion clean up. BP = going, going, glug, glug, glug.
clipped from
U.S. fines BP $5 mln for reports on tribal lands

LONDON/DUBAI (Reuters) –
Oil major BP Plc is seeking a strategic investor to secure its independence in the face of any takeover attempts as it struggles with a devastating oil leak in the Gulf of Mexico, newspapers said on Sunday.

Britain's Sunday Times said the company's advisers were trying to drum up interest among rival oil groups and sovereign wealth funds to take a stake of between 5 and 10 percent in the company at a cost of up to 6 billion pounds ($9.1 billion).

Separately, British newspaper the Guardian said BP was holding talks with the Kuwait Investment Office about raising its 1.75 percent stake in the oil company to potentially as much as 10 percent.

Rival oil majors ExxonMobil, Total and Royal Dutch Shell have been mooted as possible bidders.

BP shares closed down at 322 pence in London on Friday, valuing the business at 60.5 billion pounds.

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1 comment:

Anonymous said...

Cannot believe that BP is STILL the largest supplier to the States!!!!!despite the oil spill!!