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Is ExxonMobil stalking BP?

There is speculation this morning that ExxonMobil has been given the unofficial go-ahead by the Obama government to make a takeover bid for UK oil giant BP. Since the oil disaster in the Gulf of Mexico the value of BP has fallen by around £120 billion to a relatively low £70 billion which is certainly within the grasp of ExxonMobil. So could BP actually be taken over?

So far the cleanup for the Deepwater Horizon rig disaster has reached $3 billion although that this will be literally just the tip of the iceberg with some suggestions the final cost could be around $70 billion. Whether or not any of the major oil companies around the world would be willing to take on this potential risk, which could actually increase in the short to medium term, is debatable but the very fact we have seen the BP share price collapse does make the situation very interesting.

If we were to see one offer for BP it is highly likely we would see other companies step forward for what could be potentially a "deal of a lifetime". However, there is no way that BP will sit back and allow competitors to run the rule although its assets.

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