Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



BP plans share buyback to stave off takeover bids

11.19.2012  | 

The £4 billion share buyback could take place as early as next year. According to the paper, the huge buyback could take place as early as next year. Directors at the oil major are alert to the possibility of an opportunistic bid from a cash-rich rival and have had a defense document on standby for weeks.

Keywords:

By SARAH KENT

LONDON -- BP is planning to spend up to 3.7 billion pounds ($5.9 billion) to buy its own stock in an attempt to revive its flagging share price and stave off potential takeover attempts, the Sunday Times reports.

According to the paper, the huge buyback could take place as early as next year. Directors at the oil major are alert to the possibility of an opportunistic bid from a cash-rich rival and have had a defense document on standby for several weeks, the UK newspaper adds.

BP raised the possibility of a share buyback in October after the completion of its $26.8 billion deal to sell its stake in Russian oil producer TNK-BP to Russian OAO Rosneft.

BP declined to comment on the report.

Read the full story here: http://www.thesundaytimes.co.uk/sto/business/Industry/article1164984.ece


Dow Jones Newswires



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Related articles

FEATURED EVENT

GasPro North America

Sign-up for the Free Daily HP Enewsletter!

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Should the US allow exports of crude oil? (At present, US companies can export refined products derived from crude but not the raw crude itself.)


66%

34%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2014 Hydrocarbon Processing. © 2014 Gulf Publishing Company.