Tuesday, January 4, 2011

BP Plc Rallies On Renewed Takeover Chatter

Shares of BP Plc (NYSE: BP) rallied as much as 3% after U.K.'s Daily Mail reported that rival Royal Dutch Shell is considering a takeover bid. The newspaper reported that Shell had an immediate interest in BP after the crisis in the Gulf of Mexico, and it still does to this day. Shares of the British oil giant also surged following reports that compensation payouts for the Gulf oil spill may be much lower than expected. Stay tuned for more.

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