LONDON, July 28 (Reuters) - BP is less likely to beacquired following its $18.7 billion settlement over the 2010Macondo oil spill, Chief Executive Officer Bob Dudley said onTuesday.
The has been much speculation in recent months that theBritish oil and gas giant could become an acquisition target fora larger rival, leading the British government to warn it wouldoppose any takeover bid.
While some analysts expected BP to be even more attractivefollowing its settlement with the U.S. authorities this month toresolve most claims from the Gulf of Mexico oil spill, Dudleysought to quell any speculation.
"As a result of the settlement in the U.S. it is actuallyless likely that someone would want to acquire BP and it iscertainly not our intention to put the company up for sale,"Dudley told reporters.
Merger and acquisition activity in the energy sector hasbeen rekindled as company valuations slumped along with oilprices, highlighted by Royal Dutch Shell's $70 billionbid to acquire BG Group earlier this year.
BP shares are still some 35 percent below their value beforethe 2010 Macondo rig explosion and spill that killed 11 workers.The company's second-quarter profit slumped by nearly two thirdsfrom a year ago as it took a huge $10.8 billion charge relatedto the settlement. (Reporting by Ron Bousso; editing by David Clarke)
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