Belfast Telegraph

Takeover rumours boost BP shares

FRESH speculation linking BP to an opportunistic takeover bid from rival Royal Dutch Shell sparked a surge in shares at the beleaguered firm yesterday. Rising oil prices and reports that BP may not need all of its £12.8bn compensation fund to repay the victims of the Gulf of Mexico oil spill also contributed to the 5% improvement. The rally added £4.8bn to the company's market value and took BP shares to a six month high.