In an articled published today by The Sunday Times (Page 8 of Business Section), Danny Fortson has revealed that according to senior bankers, Exxon Mobil and Shell are both considering opportunistic bids for BP.
The two thirds of a page article is published under the headline “Is the sun setting on BP?” and argues that BP is “vulnerable” as a result of a downsizing policy by BP’s Chief Executive.
Danny Fortson warns: “Bod Dudley may be playing a dangerous game. Shrinking the oil giant will make it more attractive to rivals…”
The article discusses BP’s problems arising from the the Gulf of Mexico disaster and the disintegrating relationship with its Russian partners in TNK-BP.
A banker is quoted as saying: “Wouldn’t it be ironic if BP, which started the merger frenzy in 1998 with Amoco, did it again this time.”
The article concludes with the comment: “This time BP is more likely to be the prey than the hunter”.