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BP shareholders call for further assets sale | BP shareholders call for further assets sale |
(about 2 hours later) | |
Some of BP's largest shareholders are calling for the oil firm to sell off up to half its assets as part of a radical restructuring, a newspaper says. | |
BP has already sold assets worth $24bn (£14.7bn) under plans to divest $30bn by the end of 2011 in order to pay for the Gulf of Mexico oil spill. | BP has already sold assets worth $24bn (£14.7bn) under plans to divest $30bn by the end of 2011 in order to pay for the Gulf of Mexico oil spill. |
But some of the firm's top 10 investors want the company to sell another $30bn worth of assets, the Sunday Times said. | But some of the firm's top 10 investors want the company to sell another $30bn worth of assets, the Sunday Times said. |
BP said it was "comfortable" with its current level of fundraising. | BP said it was "comfortable" with its current level of fundraising. |
"The $30bn will cover the costs of the Gulf of Mexico clean-up and the compensation fund," a company spokesman said. | "The $30bn will cover the costs of the Gulf of Mexico clean-up and the compensation fund," a company spokesman said. |
'Making a difference' | 'Making a difference' |
BP chief Bob Dudley said in July that the company would emerge from the Gulf of Mexico oil spill crisis "a smaller and wiser company". | BP chief Bob Dudley said in July that the company would emerge from the Gulf of Mexico oil spill crisis "a smaller and wiser company". |
One investor quoted in the Sunday Times said: "Recent asset sales show that there are lots of buyers for these assets out there and it's a fantastic opportunity to wind up half the company. | One investor quoted in the Sunday Times said: "Recent asset sales show that there are lots of buyers for these assets out there and it's a fantastic opportunity to wind up half the company. |
"It's about shrinking to a size where gross investment makes a meaningful difference to bottom line." | "It's about shrinking to a size where gross investment makes a meaningful difference to bottom line." |
The report also said that some investors had raised fresh concerns about the performance of BP's chairman, Carl-Henric Svanberg. | The report also said that some investors had raised fresh concerns about the performance of BP's chairman, Carl-Henric Svanberg. |
But BP said: "He received just over 92% of the vote in being re-elected as chairman for another year. Considering the year BP had in 2010, that is strong support from shareholders." | But BP said: "He received just over 92% of the vote in being re-elected as chairman for another year. Considering the year BP had in 2010, that is strong support from shareholders." |
Mr Svanberg was re-elected at last week's annual general meeting, at which the company faced angry demonstrations from US fishermen, as well as UK trade unionists and environmentalists. | Mr Svanberg was re-elected at last week's annual general meeting, at which the company faced angry demonstrations from US fishermen, as well as UK trade unionists and environmentalists. |
BP also remains locked in conflict with its Russian partners in joint venture TNK-BP over its planned $16bn (£10bn) share swap with Russia's state-owned oil firm Rosneft. | BP also remains locked in conflict with its Russian partners in joint venture TNK-BP over its planned $16bn (£10bn) share swap with Russia's state-owned oil firm Rosneft. |
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