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Posts on ‘July 6th, 2010’

U.K. declines comment on BP contingency plan

MarketWatch

By Laurence Norman: July 6, 2010

LONDON (MarketWatch) — U.K. Prime Minister David Cameron’s spokesman declined to comment Tuesday on a report that government departments were preparing a contingency plan in case of the collapse of U.K. oil giant, BP PLC.

Asked about a report in the Times, suggesting the Treasury and the Business department were drawing up contingency plans, the spokesman said; “If they are happening, we would never comment on them”.

He also declined to comment on whether the government would have any concerns if a sovereign wealth fund were looking to take a stake in the company. 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.

British government increasingly concerned that BP could collapse

guardian.co.uk home

BP shares rise on hopes of international rescue

BP is believed to have approached several sovereign wealth funds, including Abu Dhabi, Kuwait, Qatar and Singapore

Richard Wray: Tuesday 6 July 2010 10.50 BST

BP has been talking to international investors about a possible rescue. Photograph: Newscast

peculation is mounting that BP is looking for a so-called white knight investor as the oil company, whose shares have more than halved since the start of the oil spill in the Gulf of Mexico, faces the prospect of a hostile takeover from a rival oil group.

Talk that BP could bring in new investors pushed its shares up almost 5% in early trading this morning. Libya‘s state-owned oil group has expressed its interest in buying a stake in the bombed-out oil group and there are rumours that management have approached several sovereign wealth funds. 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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