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Shareholders of the oil giant BP are balking at reports the company is seeking a strategic investor. The move is intended to ward off takeover bids while the Gulf of Mexico oil spill spreads.
Weekend media reports say BP is looking for a strategic investor among sovereign wealth funds in the Middle East and Asia. Such an investor could help ward off a takeover, and raise funds for liabilities created by the spill.
BP has said it hopes to raise 10 billion U.S. dollars from asset sales this year. The proceeds will go towards a 20 billion dollar clean-up fund set up under pressure from U.S. authorities.