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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

BP, Kuwait deny report it asked SWF to raise stake

Posted on 04 August 2010

From Arabtimesonline.com: Kuwait’s sovereign wealth fund and BP Plc on Monday denied a local newspaper report that the embattled oil giant had asked the fund to raise its stake in the company to 3 percent, to fend off potential takeover bids.
“The Kuwait Investment Authority did not receive an offer from BP to increase its stake,” KIA said in a statement. “There is no truth in this story. It’s a rumour and speculation,” BP spokeswoman Sheila Williams said in a statement……………………………………….Full Article: Source

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