BP to raise $50 billion for oil spill costs: report
LONDON BP (BP.L) is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London's Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.
The oil major had said last week that it would suspend dividends and increase the pace of asset sales to $10 billion this year.
A spokesman for the group would not confirm any numbers on Sunday, when asked about the Sunday Times report.
(Reporting by Victoria Bryan; Editing by Jon Loades-Carter)
Next In Business News
VW says talks to end supplier dispute will resume on Monday
FRANKFURT Volkswagen is seeking a negotiated settlement with suppliers in a dispute over contracts that is halting production at some of its plants and talks will resume on Monday, the German carmaker said.
Anger in the Delta keeps oil majors quiet - and Nigeria's crude offline
LONDON/LAGOS Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter.
Fed guessing game moves up a gear as Yellen takes stage
MADRID Will they or won't they? The debate over whether the U.S. Federal Reserve is readying an interest rate hike will get its umpteenth airing over the coming week, with all eyes on Chair Janet Yellen to provide some clarity.