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Posts on ‘July 5th, 2010’

Libya eyes stake in ‘bargain BP’

Daily Telegraph

Libya has expressed an interest in building a stake in BP, describing the oil company as a bargain following its Gulf of Mexico oil spill.

By Rowena Mason
Published: 9:03PM BST 05 Jul 2010

The Libyan Government, headed by President Gaddafi, may not be welcomed as an investor in BP by the White House. The 'A Whale' is the world's biggest skimming vessel and there are  hopes it can significantly increase the amount of oil picked up from  the surface. The ‘A Whale’ is the world’s biggest skimming vessel and there are hopes it can significantly increase the amount of oil picked up from the surface.

Share in BP rose 3.5pc to 333.3p in London, following weekend speculation that the company had been in contact with sovereign wealth funds about them buying stakes.

Shokri Ghanem, the chairman of Libya’s National Oil Corporation, told a newswire that: “BP is interesting now with the price lower by half and I still have trust in BP. I will recommend it to the Libyan Investment Authority.”

He later added: “I think that BP shares are good value for bargain hunters,” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP getting ready to fight off a hostile takeover

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP shares rise on Middle East investment rumours

BBC NEWS Monday, 5 July 2010 12:25 UK

Shares in BP have risen amid speculation that Middle East investors may buy stakes in the oil giant.

Shares rose 2.5% following media reports suggesting that BP is seeking investment from Middle Eastern sovereign wealth funds.

BP refused to comment directly on the speculation, but said it “welcomed new investors”.

The oil company has been seen as a possible takeover target following the recent collapse in its share price.

Its shares have more than halved in value following the Gulf of Mexico oil disaster, which began in April. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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