Kuwait Fund Denies It Was Offered Chance to Raise BP Stake

Kuwait's sovereign wealth fund denied a report that it had been offered the opportunity to raise its stake in BP (BP). Newspaper Al-Anba published a story saying BP's outgoing CEO Tony Hayward asked the Kuwait Investment Authority to up its stake to 3% to help protect the company from takeover bids, Bloomberg News reported.

The Kuwait Investment Authority received no such offer, the wealth fund said in e-mailed statement. Last month, another Kuwaiti newspaper published a story saying that Kuwait may purchase some BP assets in the Middle East and Asia, Reuters said.

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