To accompany President Obama ‘having words’ with BP chairman Carl-Henric Svanberg and chief executive Tony Hayward, here are some more facts and figures on the oil firm:
– BP shares outstanding: 18.78 bn.
– BP shares traded in London since April 21st: 6.41bn (inlcudes dark pools and MTFs).
– BP shares traded in New York since April 21st: 14.35bn (note one ADS equals six BP ordinary shares).
– Since the spill (secondary) New York trading 3.6 times higher than primary London trading.
– Before the spill, London typically traded 10 per cent more than New York.
– Total number of BP shares traded in London and New York since April 20.7bn – or 110 per cent of issued share capital.
… in that period just one investor has officially disclosed a change in its shareholder – Legal & General on May 7.
However, Bloomberg does have a list of buyers and sellers since May 1st. Apparently the Peoples Republic of China and the Government of Singapore have been picking up stock, while Blackrock have been selling.
But, we can’t find the ‘Source’ for those claims anywhere on the FT’s Bloomberg machine, although that could reflect our terminal incompetence.
So who has been buying and selling BP?
As highlighted, most of the trading activity since the spill has been on the other side of the Atlantic. That means US institutions have been selling and we will have to wait for the ADS holders (see below) to publish their 13F filings (sometime after the end of June) before we really know how much they have sold.
(click to enlarge).
However, we do know the name of one buyer in the UK — Odey Asset Management which has taken the plunge and caught the falling BP knife in a small way.
Meanwhile the New York Times is reporting at pixel time the following.
WASHINGTON — The White House and BP tentatively agreed that the oil giant will create a $20 billion fund to pay claims for the worst oil spill in American history, to be independently run by the mediator who oversaw the 9/11 victims compensation fund, Kenneth Feinberg, according to two people familiar with the deliberations.