THE UK Government is reported to be set to oppose any attempt to take over BP, which has been tipped as a potential target for America's ExxonMobil following the oil price plunge.
The administration led by David Cameron is said to be ready to intervene if BP became the target of a foreign company in the belief the firm should remain a significant UK representative on the global stage.
The report follows talk that the giant ExxonMobil could make a move on BP while the firm grapples with the problems posed by the oil price fall since June. BP was already facing costly challenges following the disastrous spill in the Gulf of Mexico in 2010.
Officials told the Financial Times that Number 10 would be sceptical about any takeover, including one by Royal Dutch Shell, because it wants the UK to have two big oil companies.
"The Government talks to a wide range of businesses as you would expect. It is in the UK's interests to have British Companies competing and succeeding at home and abroad," Number 10 said.
BP will announce results for the first quarter today.
These will be studied for indications of how it plans to respond to the oil price fall.
In January the company announced plans to cut 300 North Sea jobs in response to the downturn.
BP's chief executive Bob Dudley has predicted that the oil price could remain under pressure for some time.
He said last week that the high cost North Sea faced a painful adjustment to the oil price fall, which would lead to massive restructuring in the area.
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