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Tullow up for sale?

By Agencies

It may happen but it’s not something we’re terribly focused on-BP boss

Tullow Oil’s shares have jumped 3% last week on the back of rumors that BP was planning on submitting a bid for the Irish independent. According to rumors, BP is planning to offer Tullow £15 per share which is about a £3 premium on its closing price March 1.

BP and Tullow declined comment, but when asked about takeovers on a conference call with analysts, BP CEO Tony Hayward said if BP was to make acquisitions it was likely to be of oil fields rather than companies, according to a Reuters report.

“I would be surprised if we found good value on the corporate side,” he said.

“It may happen but it’s not something we’re terribly focused on.”

On Tullow’s side, CEO, Aidan Heavey has said he is not interested in selling the company or major stakes in his oil fields.

Tullow, which has become the largest independent oil company in Europe with a market capitalisation of $16 billion on the back of big finds in Africa, is frequently the subject of takeover rumours, according to a Reuters report.

Tullow shares, which had been trading up 0.2 percent, jumped 3 percent after the rumours were reported on a news agency.

The stock fell back to trade up 2.6%.

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