Exxon Mobil (NYSE: XOM) may make an offer to buy BP plc (NYSE: BP). The shares in the UK company are up 7% on the rumor.
BP may be in the process of selling some of its Prudhoe Bay properties to raise money, but there are still analysts that believe BP will file for bankruptcy if the flow of crude into the Gulf cannot be stanched.
Exxon would have to take on BP’s huge liabilities to make a purchase, which makes the rumor unlikely.
Douglas A. McIntyre
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