BP shares rose on reports that the United Arab Emirates’ state-owned oil company recently considered buying the energy giant.
Abu Dhabi National Oil Company (ADNOC) held preliminary discussions with BP over a potential deal, but the talks did not progress, Reuters reported.
ADNOC is said to have decided that the company was not the right fit for its strategy, while political considerations also weighed.
BP shares rose as much as 2.5pc in early trading to their highest level since February.
BP, which has a market value of around £90bn, has underperformed its rivals for years, fuelling speculation that it could become a takeover target.
Earlier this week, Shell said it was considering quitting the London market for New York amid concerns its shares were undervalued.
The aborted talks with ADNOC mark the UAE’s latest interest in buying UK assets, though any agreement would likely have faced scrutiny under national security laws.
It comes a month after the Government introduced new laws that effectively killed off an Abu Dhabi bid to buy The Telegraph.
Read the latest updates below.
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2024-04-12 09:34:19Z
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