Sunday newspaper round-up: BP, Goldman, Aston Martin

4th Jul 2010 12:28

Investors are braced for a clear-out of BP's leadership once its leaking oil well in the Gulf of Mexico is capped, which could come in the next few weeks, according to several leading shareholders and people close to the group..Carl-Henric Svanberg, the Swedish chairman, is being singled out for criticism by shareholders for his perceived lack of decisive leadership during the crisis and his failure to support Tony Hayward, the embattled chief executive, says the FT.The Sunday Times adds that BP has launched a search for a strategic investor to help secure its independence as it moves to defend itself against potential takeover bids. 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 £6 billion. The structure is modelled on the rescue of banking giant Barclays during the credit crunch in 2008. Fresh fears over a global economic slowdown were raised on Saturday after Goldman Sachs' chief economist warned that data from China and the US revealed that any recovery was facing a "challenging period" and that evidence from America was "troubling", writes the Sunday Telegraph.Luxury motor marque Aston Martin is considering a tie-up with another car manufacturer and has not ruled out an initial public offering as it develops its strategy to expand its model range, reports the Sunday Telegraph.The top managers of Ocado, the online grocer, are in line for a £30m payday if they can double the company's share price after its flotation on the stock market. The Sunday Times has learnt that 15 directors and senior managers at Ocado have invested about £1m of their own money in a joint share ownership scheme.Vince Cable, the coalition's Business Secretary, will resurrect the last government's flagship committee to encourage high street banks to lend to small businesses in the credit crunch. Set up by Lord Mandelson, Mr Cable's predecessor, in late 2008, the Small Business Finance Forum has not met since before the election. Senior figures from high street banks HSBC, Santander, Lloyds, Barclays and The Royal Bank of Scotland (RBS) who sat on the forum feared that it might be dropped as the Lib-Con government sought to distance itself from Labour policies, says the Independent on Sunday.Corporate grandee Sir Nigel Rudd has been asked to stay on for a second three-year term as chairman of BAA. Sir Nigel took on the chairmanship of the UK's airports operator, owned by Spain's Ferrovial group, in September 2007, and has overseen a troubled period including the completion of Terminal 5, the forced sale of Gatwick airport and the failed attempt to build a third runway, according to the Independent on Sunday.TPG and Goldman Sachs' private equity wing are closing in on a deal to buy Europe's largest private-label nappy maker, Ontex, for more than €1.2bn (£1.07bn), writes the Sunday Telegraph.Headhunter Egon Zehnder has been hired by Network Rail to find the state-backed infrastructure group's new boss, with a brief to seek candidates who have run international companies, reports the Independent on Sunday.Wolseley has kicked-off the restructuring of its UK arm by putting its tool hire business up for sale. The FTSE 100 building products giant is looking to cut its net debt, which stood at nearly £1.1bn at the end of April, and asset sales are an option for divisions that do not meet its turnaround strategy, says the Independent on Sunday.RAK Gas, a state utility of United Arab Emirate Ras Al Khaimah, has put its East African assets up for sale, according to the Independent on Sunday.All eyes will be on the Bank of England's Monetary Policy Committee (MPC) chaired by Mervyn King, the Governor of the Bank of England, on Thursday after recent signs that the members are divided on interest rates, reports the Independent on Sunday.