CCTV.com - CNTV English - CCTV News

Report: BP could be purchased by competitor

07-13-2010 09:17 BJT

Watch Video

Play Video

A London newspaper reports that oil giant ExxonMobil is preparing to buy embattled BP.

It says ExxonMobil has approached US government officials asking if they would object to a takeover bid for BP. There are also reports that another US company is preparing to purchase.

BP's huge losses triggered by the Gulf of Mexico oil disaster has made it an acquisition target. London's Sunday Times reports that BP talked to some investors last week, seeking financial support to avoid a possible hostile takeover by other companies. Analysts believe the British government is making efforts to avoid BP being bought out by foreign companies.

The report also says that BP is in talks with US oil and gas company Apache Corporation and others to sell assets worth up to 10 billion US dollars.

BP is also issuing bonds and loans to raise money.

All these aim to help it grapple with increasing costs from the oil spill in the Gulf of Mexico.

BP is under enormous pressure to cap the gushing oil leak. Its shares have fallen about 40 percent since an explosion on its Deepwater Horizon rig in April triggered the disaster.

The company has already set-up a 20 billion dollar compensation account, but US investment bank, Goldman Sachs believes the BP could be forced to pay up to 70 billion dollars.

In the meantime, BP says it hopes to install a new oil containment system as soon as possible. This will help capture more oil and try and stop the leak, as planned, by the first half of August.

 

Editor:Zhang Pengfei |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program