ADNOC is thought to be weighing up a move for some of BP's assets, should the oil major break up, Bloomberg reported Wednesday, citing unnamed sources familiar with the matter.
ADNOC is reportedly most interested in BP’s liquefied natural gas (LNG) assets, although it is also said to have considered a full takeover of the company. It is understood by Bloomberg that any prospective deal would likely take place via ADNOC’s international unit, XRG.
A protracted period of underperformance relative to its industry peers has thrust BP into the spotlight as a prime takeover candidate. British rival Shell, as well as U.S. oil giants Exxon Mobi and Chevron are among some of the names that have been touted as possible suitors.
Spokespeople at BP, ADNOC and XRG declined to comment.
Full story BP takeover speculation: UAE oil giant ADNOC enters the fray
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