BP Launches Search For Strategic Investor - Newspaper

4th Jul 2010 11:38

LONDON (Dow Jones)--Oil major BP PLC (BP) has launched a search for a strategic investor to help secure its independence as it moves to defend itself against potential takeover bids, according to the Sunday Times. The company's advisers are trying to drum up interest among rival oil groups and sovereign wealth funds to take a stake of between 5% and 10% at a cost of up to GBP6 billion, the paper says, without citing sources. BP management fear a takeover approach as soon as it has plugged the leaking oil well in the Gulf of Mexico, which is expected in the next few weeks. -By London Energy Desk, Dow Jones Newswires; +44 207 842 9262; [email protected] (END) Dow Jones Newswires July 04, 2010 06:38 ET (10:38 GMT)