British oil company BP has approached sovereign wealth funds with a view to securing a strategic investor to fend off takeover bids while it deals with its massive U.S. oil spill, a senior UAE source said on Tuesday.
BP executives have held talks with a number of sovereign wealth funds (SWFs) including Abu Dhabi, Kuwait, Qatar and Singapore, the source told Reuters under condition of anonymity.
BP is seeking a strategic partner so it doesn't get taken over by other major oil companies such as Exxon and Total the source said.
It's BP that is approaching the sovereign wealth funds not the other way round. They are the ones in need of a partner, said the UAE source.
(Additional Reporting by Nicolas Parasie in Dubai; Editing by Andrew Callus)