Wednesday, July 14, 2010

BP stock rallies on sales talk


(CNNMoney.com) -- BP's stock continued to run higher Monday, rising more than 6% in early trading, after reports that the company or some of its assets may be sold off.

In addition, the company indicated it is getting closer to containing the Gulf of Mexico spill.

In early Monday U.S. trading, BP shares rose $2.30, or 6.8%, to $36.35.

Multiple published reports suggested that ExxonMobil (XOM, Fortune 500) and another American oil giant, most likely Chevron (CVX, Fortune 500), have requested the U.S. government's clearance to make a bid for BP worth about $150 billion.

Spokesmen from both Exxon Mobil and Chevron said the companies don't comment on what they called rumors and speculation. (more)

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