The slide in BP’s share price has left the UK energy major vulnerable to a takeover as rivals weigh the opportunity to buy at a steep discount and put an end to its 116 years as an independent company. Listed companies Shell, Chevron, ExxonMobil and TotalEnergies, as well as Abu Dhabi’s Adnoc, have separately run the numbers, according to industry sources and advisers, while oil trader Vitol could be interested in elements of the business. A sum of the parts valuation suggests BP’s assets are worth in excess of £120bn, without including debt and liabilities, more than twice its current market capitalisation of £57bn, which follows a sharp slump in its shares over the past 12 months. “The continued underperformance of BP makes it open to a takeover,” said a person close to the activist investor Elliott Management, which has built a leading stake in the company.

Source: Financial Times