BP launches search for new investor

Oil major BP Plc is seeking a strategic investor to secure its independence in the face of any takeover attempts as it struggles with a devastating oil leak in the Gulf of Mexico,newspapers said on Sunday.

Britain’s Sunday Times said the company’s advisors were trying to drum up interest among rival oil groups and sovereign wealth funds to take a stake of between 5 and 10% in the company at a cost of up to £6 billion.