MARKET TALK: Highly Unlikely Exxon Will Buy BP -UBS

13th Jul 2010 14:56

[Dow Jones] Exxon Mobil Corp. (XOM) could be a buyer of significant assets from BP PLC (BP), but a merger is highly unlikely because of the potential regulatory hurdles, say analysts at UBS, who met with the company's management Tuesday. After completing its acquisition of natural gas producer XTO Energy last month, ExxonMobil is still looking for more opportunities, UBS said. BP announced last month that it will could sell at least $10 billion in non-core assets to finance some of the costs related with a massive oil spill in the Gulf of Mexico. The spill resulted after a rig, leased by BP, burned and sank in late April, unleashing one of the laregest spills in US history. Exxon's shares were 25 cetns up to $59.19. Contact us in Houston at 713-314-6090 or [email protected]. (END) Dow Jones Newswires July 13, 2010 09:56 ET (13:56 GMT)