UPDATE:BP CEO Meets Abu Dhabi Crown Prince;Willing To Sell 10%-Source

7th Jul 2010 10:54

(Adds background, share price move.) By Nour Malas Of ZAWYA DOW JONES DUBAI (Zawya Dow Jones)--BP PLC's (BP.LN) chief executive Tony Hayward met this week with Abu Dhabi's powerful Crown Prince Mohammed bin Zayed Al Nahyan and would be happy to sell the oil-rich sheikdom a 10% stake in the U.K. oil giant that's struggling to cap an oil spill disaster in the Gulf of Mexico, a person with knowledge of the meeting told Zawya Dow Jones. Hayward flew into Abu Dhabi on Tuesday for meetings with officials including the Crown Prince and also spoke to the company's employees in the emirate in a town hall gathering, according to a person familiar with his itinerary. "He'd be happy for Abu Dhabi to take a 10% equity stake," the person who asked not to be identified said. Sheila Williams, a spokeswoman for BP in London, declined to comment on specific meetings but said Hayward "is visiting key business partners as well as staff." A spokesman for the crown prince was unreachable for comment. A spokesman for the federal government in Abu Dhabi said he has no knowledge of the meetings. BP shares last traded Wednesday 3.9% higher at 358.8 pence in a broadly negative London market. BP tried to douse speculation Tuesday that it was looking for an investor to buy a large piece of the company, saying it wouldn't issue new stock to raise money to cover the costs of the Gulf of Mexico oil spill. Reports over the weekend suggested that BP was courting sovereign wealth funds in the Middle East including Abu Dhabi to buy new shares, enabling BP to raise about $9 billion in capital. Libya's top oil official, Shokri Ghanem, said Monday that BP was a bargain and recommended that the nation's sovereign wealth fund invest in the oil giant. The Times reported Wednesday that BP has agreed to inform the U.S. government of major transactions that might affect the future shape of the company following the Gulf oil spill, bowing to demands to notify the Department of Justice at least 30 days ahead of major financial moves. -By Nour Malas, Dow Jones Newswires, +97150 2890223; [email protected] Copyright (c) 2010 Dow Jones & Co. (MORE TO FOLLOW) Dow Jones Newswires July 07, 2010 05:54 ET (09:54 GMT)