China Becomes A BP Shareholder |
| Forbes - Apr 15, 2008 |
China has quietly accumulated nearly a 1% stake in BP to help secure its oil supply to fuel rapid economic growth. The silent investment from China has come to the attention of Downing Street, which has been monitoring the situation carefully.
A Chinese sovereign wealth fund has purchased about 1 billion pounds ($2 billion) worth of BP, over a period of time, accounting for just less than 1% of the U.K.'s biggest enterprise. "We are aware of the Chinese holding and we welcome all shareholders," a spokesperson for BP said, confirming the investment without identifying which Chinese state fund had bought the stake, the Daily Telegraph reported Tuesday. Although the British government may publicly welcome the Chinese state fund's investment, the newspaper noted that all parties on Downing Street are keeping a close eye on developments.
Read Full Article from Forbes
- Posted: 2008-04-15 08:29:49
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
