Obama gives green light to Exxon for BP bid

clock

BP faced fresh takeover speculation on the weekend after the Obama administration reportedly told ExxonMobil it would not stand in the way of a takeover bid for its troubled British rival.

With the market value of BP falling from about £120bn to about £70bn due to the Gulf of Mexico disaster, potential bidders are likely to be keen on taking advantage of the oil giant's current plight. Oil industry sources told The Times ExxonMobil had been given a green light by the US Government to "take a look" at BP. A merger would create a group with a stock market value of £265bn. Tony Hayward, the BP chief executive, has moved to block the threat of a hostile bid by meeting a number of sovereign wealth funds, including the Kuwait Investment Office. BP has begun talks with riva...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Titan Wealth snaps up Workplace Advice Group

Titan Wealth snaps up Workplace Advice Group

Acquired business will ‘work closely’ with Titan Wealth Planning

Sahar Nazir
clock 01 April 2025 • 2 min read
FSCS deposit protection limit could rise to £110,000

FSCS deposit protection limit could rise to £110,000

Proposal would take effect from December 2025 if approved

Sahar Nazir
clock 31 March 2025 • 2 min read
Rathbones labels two funds under 'Sustainability Focus' category

Rathbones labels two funds under 'Sustainability Focus' category

Effective from 2 April

Sorin Dojan
clock 31 March 2025 • 1 min read