Monday, July 05, 2010

BP Seeking Investors and Challenging Macondo Field Partners

BP is seeking a strategic investor to secure its independence in the face of any takeover attempts as it struggles with a devastating oil leak in the Gulf of Mexico. Britain's BP is trying to drum up interest among rival oil groups and sovereign wealth funds to take a stake of between 5 and 10 percent in the company at a cost of up to 6 billion pounds ($9.1 billion).

BP is asking its partners in the ruptured well, Anadarko Petroleum Corp and Mitsui Oil Exploration Co., to contribute nearly $400 million to the clean-up effort. BP sent out demands for $272 million from Anadarko and $111 million from Japanese company Mitsui on June 2. That represents roughly 40 percent of the $1 billion BP spent in May. BP owns 65 percent of the well, Anadarko owns 25 percent and Mitsui 10 percent. (MSNBC, 7/4/2010)

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