Tuesday, July 6, 2010

$BP trying to drum up interest among strategic investors; advisors for the firm are shopping a 5-10% stake at a cost of up to GBP6B

oil-rig-explosion-2BP trying to drum up interest among strategic investors; advisors for the firm are shopping a 5-10% stake at a cost of up to GBP6B; rival oil firms or SWFs may be interested according to the London Times; The National newspaper in Abu Dhabi is reporting that Mid East financial firms may be interested in taking a stake in the company.  Libya’s top oil official said the country should take advantage of BP’s weak share price and buy a stake in the company; Shokri Ghanem, chairman of Libya's Nation Oil Co. said he will recommend buying a stake in BP to the Libyan Investment Authority, or LIA.  However, despite all the talk of interest in BP, the company tells the FT that it has no intention of issuing new stock and that it has the financial resources already required to pay for the Gulf cleanup.  The BP spokesman tells the FT that it is encouraging investors to buy its shares b/c of the cheap valuation but that no new stock will be issued.  FT/WSJ/Reuters  

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