BP May Not Survive After Gulf of Mexico Spill

June 01, 2010, 4:52 AM EDT

June 1 (Bloomberg) -- BP Plc may break up or become a takeover target after the failure to stop the Gulf of Mexico oil leak pushed shares to the biggest drop in 18 years, London-based investment bank Arbuthnot Securities Ltd. said.

Shares dropped as much as 15 percent in London today after the company said May 29 that an attempt to plug the well failed, ruling out the possibility that oil will stop flowing from the damaged pipe until after relief wells are completed in August. BP Chief Executive Officer Tony Hayward has promised to clean up “every drop” of the spill, the largest in U.S. history.

Bloomburg Businessweek