Abu Dhabi Considering Investing in BP, Crown Prince Says
Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi, says the emirate is considering investing in BP Plc (BP), Bloomberg News reported
"We are still thinking about it," the crown prince told Bloomberg News when asked about buying a stake in the oil giant. "We have been partners with BP for years."
The company's CEO Tony Hayward met with the crown prince earlier this month. Analysts have speculated that BP is seeking strategic investors to help fend off a possible takeover bid in the aftermath of the Gulf oil spill, and may look to the Middle East for cash.
As the Gulf spill drains BP's cash, it may be in for good news from the tax man
The cost of the clean-up in the Gulf of Mexico may slash BP's tax bill by as much as $10 billion over the next four years, the Financial Times reported. The company believes that money spent plugging the well, cleaning up the spill and handing out compensation can be written off against tax.