BP Gains on Report Shell Considered Bid; Spill Costs Played Down

[dipsydoodle]

Source: Bloomberg News

BP Plc jumped the most in six months after a report that Royal Dutch Shell Plc considered a takeover bid during the oil spill and the lawyer in charge of the $20 billion compensation fund said only half the cash may be needed.

Shell is still interested in a merger, the Daily Mail newspaper reported today, citing unidentified people close to the company. Kenneth Feinberg, who is administering the fund, said in a Dec. 31 Bloomberg Television interview that $10 billion may be “more than enough to pay all the claims.”

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The Gulf Coast Claims Facility, which also covers clean-up and remediation costs, has paid about $2.7 billion to more than 170,000 claimants, mostly in temporary, emergency payments in the past four months. The facility has received more than 468,000 claims, according to its website. Feinberg said many claims lacked sufficient documentation to warrant payment.

Read more: http://www.bloomberg.com/news/2011-01-04/bp-advances-in-london-after-daily-mail-says-shell-considered-takeover-bid.html

[Joanne98]

1. Merging is a great way of covering up crimes. Investigations END.

[dipsydoodle]

2. A bit like Dow buying Union Carbide

I guess.

[molly77]

3. Perfect...same disregard for humanity and the environment.