KIA denies BP request to increase stake

03 August 2010

Kuwait Investment Authority (KIA) has denied receiving an offer from British Petroleum (BP) to increase its stake in the company, Bloomberg has reported. The comment by the Gulf state's sovereign wealth fund followed a report in Al-Anba newspaper that BP's outgoing CEO Tony Hayward asked KIA to raise its stake to 3% to protect the firm against takeover attempts.

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