6 Jul 2010

BP shares rise on investment rumours

6:04 am on 6 July 2010

Shares in BP have risen amid speculation that Middle East investors may buy stakes in the company.

Shares rose 2.5% on Monday following media reports suggesting that BP is seeking investment from Middle Eastern sovereign wealth funds.

BP refused to comment directly on the speculation, but said it "welcomed new investors".

The BBC reports the company is seen as a possible takeover target following the recent collapse in its share price.

Its shares have more than halved in value following the oil disaster in the Gulf of Mexico, which began after an explosion and fire on the Deepwater Explorer drilling rig on 20 April. The rig sank two days later.