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Exxon Mobil to buy BP?

Thursday 01 Jul 2010 12:10a.m.

Exxon Mobil to buy BP?

Shares in BP are up more than 9 percent in London, a day after an industry analyst stirred talk of a possible takeover of the British oil company.

The flurry of speculation was prompted by JP Morgan Cazenove analyst Fred Lucas, who published a note on Tuesday outling a possible scenario for US oil company Exxon Mobil to make a move on BP.

BP shares were up 9.1 percent at 330.7 pence in late morning trading on the London Stock Exchange.

The shares have lost about half their value since April 20, when an explosion and fire aboard the Deepwater Horizon rig set off a disastrous oil leak in the Gulf of Mexico.

AP

 
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