BP @ 399.3p, +1.7p (+0.43%)
Tesco @ 372.95p, +8.15p (+2.23%)
Some news updates for the portfolio holdings BP and Tesco.
Not sure what BP's CEO, Bob Dudley has been doing since the Rosneft deal fell through but Rosneft has re-struck the deal with ExxonMobil in the place of BP ( www.iii.co.uk: Exxon deal with Rosneft shatters BP's Arctic dreams).
Disappointing given BP's lead on it which effectively opened the door but not surprising. I am surprised not to see the same hue and cry from the senate regarding the deal affecting energy security and the like though. Issues and concerns which were voiced when BP announced the original deal. Time yet I suppose but I doubt it which underlines it had more to do with BP than the deal.
Hopefully, this puts to bed the BP - Rosneft fiasco once and for all and the company can refocus on a new and clearly communicated strategy, whatever that may be.
Elsewhere, Tesco has announced that it is selling its Japanese interests as it concludes "that it “cannot build a sufficiently scalable business” there". LONDON (ShareCast).
In total this is 129 Tokyo stores selling under the Tsurakame, Tesco and Tesco Express brands.
From the same ShareCast update, Philip Clarke, Chief Executive Officer, said:
"We have decided to sell our operations (in Japan) and focus on our larger businesses in the region, in line with our priority of driving growth and improving returns.”
Certainly not a big play in Tesco's hand though and the shares are on the up today.
Related articles:
- www.sharecast.com: Tesco sells Japan interestsEarlier Posts:
- BP update: a little bit of everything.
- Supermarket Sweep: Tesco; Morrisons; or Sainsburys?
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