
BP’s £6bn sale to fight takeover amid boardroom cull that could see chairman axed
By Mail Online Reporter
Last updated at 12:08 PM on 5th July 2010
Clean-up bill for ecological disaster now past £2billion mark
BP plans to sell £6billion in shares to raise capital following the Gulf of Mexico oil spill. The move comes as it prepares for a boardroom shake-up that is expected to see its scandal-hit chairman forced out of a job. Swedish-born Carl-Henric Svanberg is likely to leave the oil giant along with beleaguered British chief executive Tony Hayward after the disastrous spill is capped.

Slick: Two people walk over a pool of oil on the beach at Gulf Shores, Alabama
Both men are expected to step down next month after BP completes drilling on a relief well, which is hoped will stop oil gushing from the Deepwater Horizon rig into the Gulf of Mexico.
The company is believed to be sounding out sovereign wealth funds – state-owned investment funds – to take a stake of between 5 per cent and 10 per cent.
The aim would be to raise £6billion to fight off a hostile takeover from other companies circling BP. Shareholders are worried about a bid because BP shares have fallen in value by 50 per since the spill on April 20. read more
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