Friday, July 2, 2010

BP (NYSE:BP) Assets Would Interest Total (NYSE:TOT)

With BP (NYSE:BP) looking to raise $10 billion by divesting of some of its assets, a number of energy and oil companies have shown interest for when that happens, including French oil giant Total SA (NYSE:TOT).

When asked on Friday, Total CEO Christophe de Margerie said that while they aren't looking at the possibility of acquiring BP outright, they would look at any asset they had as a possible acquisition target.

"Today our priority is not to look at the assets of BP... (Yet) if they put them up for sale now, of course it would be looked at," said de Margerie at the Rencontres Economiques conference.

After plunging over $100 billion since the Gulf oil accident, BP is now valued less than Total, with Total having a market cap of $101 billion, and BP $91 billion.

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