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BP shares rise on asset sale talk | BP shares rise on asset sale talk |
(about 2 hours later) | |
The cost of containing the oil spill now stands at $3.5bn (£2.3bn). | The cost of containing the oil spill now stands at $3.5bn (£2.3bn). |
BP shares have risen sharply on speculation it may have buyers lined up for possible asset sales. | BP shares have risen sharply on speculation it may have buyers lined up for possible asset sales. |
The UK oil firm is thought to be planning the sell-offs in order to fund cost of the Gulf of Mexico clean-up, which has now reached $3.5bn (£2.3bn). | The UK oil firm is thought to be planning the sell-offs in order to fund cost of the Gulf of Mexico clean-up, which has now reached $3.5bn (£2.3bn). |
BP shares closed up 9.5% to 399.4p in Monday trading. That is more than 30% higher than the low hit on 25 June, but 40% off its pre-spill peak. | |
Among the rumoured buyers are PetroChina and US oil firm Apache Corp. | Among the rumoured buyers are PetroChina and US oil firm Apache Corp. |
Competition issues | Competition issues |
Speculation also continues that BP may become the target of a takeover - either friendly or hostile. | Speculation also continues that BP may become the target of a takeover - either friendly or hostile. |
ExxonMobil is known to be eyeing its crisis-hit rival, as well as other oil majors such as Chevron, although any buyout would need approval from competition authorities in the US and - most critically - Europe. | ExxonMobil is known to be eyeing its crisis-hit rival, as well as other oil majors such as Chevron, although any buyout would need approval from competition authorities in the US and - most critically - Europe. |
BP chief executive Tony Hayward has also been soliciting friendly investments from sovereign wealth funds in the Middle East and elsewhere, with Kuwait among the longstanding shareholders. | BP chief executive Tony Hayward has also been soliciting friendly investments from sovereign wealth funds in the Middle East and elsewhere, with Kuwait among the longstanding shareholders. |
On schedule | On schedule |
Markets were also encouraged by faster progress by BP in dealing with the oil spill. | Markets were also encouraged by faster progress by BP in dealing with the oil spill. |
The company is preparing to fit a replacement cap over the leaking pipe on the ocean floor, which it hopes will be tighter than the current cap and will capture all of the oil flow. | The company is preparing to fit a replacement cap over the leaking pipe on the ocean floor, which it hopes will be tighter than the current cap and will capture all of the oil flow. |
Meanwhile, the drilling of two relief wells - which will be used to cut off the oil flow altogether - is on schedule, and expected to be completed in early August. | Meanwhile, the drilling of two relief wells - which will be used to cut off the oil flow altogether - is on schedule, and expected to be completed in early August. |