Kuwait Investment Office in talks to raise BP stake | Business | The Guardian

BP is holding talks with the Kuwait Investment Office about taking a much larger stake of the oil company in an effort to ward off a takeover by a foreign rival, as well as raising additional funds.

The Middle East sovereign wealth fund is a significant shareholder, with a 1.75% stake, but BP would like it to increase its share, perhaps to as much as 10%.

The move would raise valuable cash, about £6bn, that BP needs to cope with the mounting liabilities from the oil spill in the Gulf of Mexico which some estimate could eventually reach $70bn (£58bn).