Could British oil and gas supermajor BP plc be the next jewel in the crown of the FTSE 100 to be snapped up by a foreign competitor?
According to a Reuters report, the Abu Dhabi National Oil Company (Adnoc) is exploring a bid for the £90 billion corporation, having sought advice from investment banks on the deal.
Apparently talks have stalled after Adnoc determined that BP was not the ‘right fit’ for the company; politics were also likely a factor.
The fact that BP was a takeover target in the first place should give policymakers, politicians and the Square Mile pause for thought.
Depressed valuations of British companies have seen scores of small, mid and big-cap players leave the London Stock Exchange, with even BP rival Shell mulling a delisting in favour of a US float.
Adnoc is headed by the UAE's minister of industry and advanced technology Sultan Ahmed Al Jaber, who is also the chair of IMI, which helped to fund the Barclay brothers’ takeback of The Telegraph Group from Lloyds.