BP stock news: BP is in talks to raise about $5 billion in short-term loans from banks to help finance liabilities arising from the oil spill in the Gulf of Mexico, the Financial Times newspaper reported Thursday. By the end of last week BP had already raised around $20 billion in cash and credit to tackle costs from the spill, according to the report.
BP PLC is seeking as much as $5 billion in additional funding to deal with growing liabilities stemming from the Gulf of Mexico oil spill, according to sources familiar with the situation.
RBS analyst David Cline said that BP's updates on drilling a relief well suggest that it is ahead of schedule and could intersect the broken well by next week.
If BP's stock dropped below $30 a share, it would become an attractive takeover target.
JPMorgan analyst Fred Lucas said Tuesday that BP could be worth 473 pence a share to a potential buyer, such as U.S. oil giant Exxon Mobil Corp. (XOM)--a hefty premium to BP's current share price. "The market has lost sight of the intrinsic value that is resident in an asset-rich company like BP," Lucas said.