BP seeks investors for 10% stake in oil giant

BP is looking for sovereign wealth funds or rival groups to take a 5-10% stake in the oil giant as the fallout from the Gulf of Mexico disaster continues.

The Sunday Times reported BP's advisers were trying to drum up support for the investment, which could cost of up to £6bn. In addition, Abu Dhabi newspaper The National revealed Middle Eastern financial institutions are looking to make a strategic investment in BP. It said proposals from the region have already been submitted, and could involve the purchase of key assets from BP, which has lost more than half its market value since the Deepwater Horizon explosion on 20 April. The paper also said regional financial institutions may provide financial backing to any capital raising BP...