Proactive Investors - Could British oil and gas supermajor BP plc (LON:BP) be the next jewel in the crown of the FTSE 100 to be snapped up by a foreign competitor?
According to a Reuters report, the Abu Dhabi National Oil Company (Adnoc) is exploring a bid for the £90 billion corporation, having sought advice from investment banks on the deal.
Apparently talks have stalled after Adnoc determined that BP was not the ‘right fit’ for the company; politics were also likely a factor.
The fact that BP was a takeover target in the first place should give policymakers, politicians and the Square (NYSE:SQ) Mile pause for thought.
Depressed valuations of British companies have seen scores of small, mid and big-cap players leave the London Stock Exchange, with even Shell (LON:RDSa) mulling a delisting in favour of a US float.
Adnoc is headed by the UAE's minister of industry and advanced technology Sultan Ahmed Al Jaber, who is also the chair of IMI (LON:IMI), which helped to fund the Barclay brothers’ take back of The Telegraph Group from Lloyds (LON:LLOY).
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