BP shares rocket on takeover rumours

Meanwhile rumours Royal Dutch Shell considered a takeover bid for the embattled oil major pushed shares higher, the FT reports. In the first day's trading of the new year, BP shares hit an intra-day high of 498.05p, a 7% rise, but fell back to close the day up 5.5% at 491.37p. The shares have recovered 60% of their losses since the end of June when BP's $20bn compensation fund for victims of the spill was established. Kenneth Feinberg, the lawyer in charge of the fund, told Bloomberg TV $20bn was more than enough to cover the costs, and he expected many claims to be unsuccessful. ...