Daily Telegraph: Even gushing takeover speculation could not support the share price of oil giant BP which closed down a further 26p yesterday to 365.6p its lowest level since 1997.
By Helia Ebrahimi
Published: 6:00AM BST 11 Jun 2010
Analysts believe BP’s crash in value has now made it vulnerable to an approach with PetroChina touted as the most likely bidder. Other would be poachers include Royal Dutch Shell and Exxon Mobil. Both are seen as aggressive and could seize the opportunity to snap-up global oil and gas assets at a knockdown price.
However, BP’s shareholders are likely to be the biggest stumbling block to any deal. Despite seeing the value of their investment crashing 44pc in just two months most are long term holders of the stock and reluctant to sell at a massive discount.
However, BP’s forthcoming decision on whether or not to pay its dividend is likely to prove crucial in retaining their loyalty. If the company bows to US political pressure and cuts or “waives the payment” shareholders might find a takeover or merger more palatable.
PetroChina, which has a $60bn war chest for acquisitions, needs to bolster its overseas reserves to feed China’s rapidly growing demand for oil. Standard Chartered Bank yesterday suggested a merger between BP, with a stock market value of £68.7bn, and PetroChina could make sense for both companies. However, a major hurdle would be US regulators who would be unlikely to condone a Chinese company becoming the biggest offshore oil producer in the Gulf of Mexico.
Royal Dutch Shell may also be deemed unsuitable on foreign ownership grounds and overlapping assets could force sales. Given President Obama is wrapping himself in the US flag it could be Exxon Mobil, the world’s largest quoted oil and gas company, has an advantage.
Robert Talbut, chief investment officer at Royal London Asset Management which has a stake in BP, said there was irrational short term selling in the company and that he would not welcome a take-over. “BP assets are grossly undervalued at the moment,” he said.
However, Christophe de Margerie chief executive of French energy group Total dismissed takeover talk as unethical, saying: “Frankly, today, to dare to speak of any action on BP for me is really unacceptable.”
Speaking ahead of the International Economic Forum of the Americas in Canada Mr de Margerie also warned the oil and gas industry to be prepared for an onslaught of government and public scrutiny following the BP spill. BP, whose shares dropped 12pc at one stage in London yesterday said the clean-up and containment measures so far have cost it $1.43bn.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
