Friday, November 5, 2010

BP (NYSE:BP) Rises on Exxon (NYSE:XOM) Bid Rumor

Rumors were rampant this morning that Exxon Mobil was interested in acquiring BP (NYSE:BP), pushing the stock up in early trading, where in London it rose as high as 451.35 pence, and up to $43.98 in New York before pulling back.

At 11:45 AM EDT, BP was trading at $43.75, down $0.16, or 0.38.

BP had no comment on the speculation, and Exxon communicated the usual idea that it was "not our practice to comment on market speculation, rumors or media reports."

Even if a company was interested in BP, it seems they would wait until the decision on whether or not they would be considered grossly negligent in the Gulf oil spill, which could cost them billions more than they're looking at at this time.

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