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Gulf Disaster

ExxonMobil, Chevron Eye BP

Company prepares defense from takeover.

Well at least ExxonMobil knows a thing or two about how to deal with oil spills: The Telegraph says that ExxonMobil and Chevron have both sought permission from the White House to take over BP. No offer has been made yet, but the Telegraph says BP is preparing a defense plan, which it will unveil with its second-quarter results on July 27. Perhaps this explains why BP is in talks with oil-and-gas-producer Apache Corp. to sell as much as a $10 billion stake in BP’s Alaska operations—money BP badly needs to deal with the costs of the Gulf oil spill?

Read it at The Telegraph

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