Tuesday, April 15, 2008

Chinese fund builds up £1bn stake in BP

From the Telegraph:

Beijing's share-buying in Britain's largest company, which has so far reached nearly 1pc, is being closely watched by Downing Street. Katherine Griffiths reports

A BP spokesman said: "We are aware of the Chinese holding and we welcome all shareholders."

The Chinese fund has also built up a stake in France's oil giant Total worth about £1bn.

China has used its deep cash reserves to snap up shares in blue-chip companies in the UK, such as Barclays, as well as in the United States....MORE