Kuwait Wealth Fund Denies Report on Approach From BP to Increase Its Stake

Kuwait Investment Authority, the country’s sovereign wealth fund, did not receive any offer from BP Plc to increase its stake in the company.

The wealth fund was commenting in an e-mailed statement on a report in Al-Anba newspaper that BP’s outgoing Chief Executive Officer Tony Hayward asked Kuwait Investment Authority to raise its stake to 3 percent to protect the company against any takeover attempts.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

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