BP is gearing up to unveil a $40bn (£26.5bn) defence strategy in the teeth of growing speculation US predators have been given the green light by Washington to swoop on the British company.
The oil giant will outline what will effectively be a defence document at its second quarter results on 27 July, reports the Telegraph.
Although no approach has been made, ExxonMobil of the US is understood to have sought clearance from the White House for a bid that could create a $400bn global juggernaut.
A possible bid from Chevron is also believed to have been approved, while Chinese oil giant PetroChina has been reported as saying it would "welcome" closer ties with BP. Read more
The news comes as it emerges ExxonMobil had been given a green light by the US Government to "take a look" at BP. A merger would create a group with a stock market value of £265bn.
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