BP-Adnoc’s Landmark Israel Gas Bid in Flux as Conflict Escalates
- Firms had been told to raise bid for stake in Israel’s NewMed
- Deal had drawn in Hedge funds, including Davidson Kempner
A drilling platform in the Leviathan natural gas field off the coast of Nasholim, Israel.
Photographer: Jack Guez/AFP/Getty ImagesThis article is for subscribers only.
BP Plc and Abu Dhabi National Oil Co. are facing increasing uncertainty in their $2 billion quest to take NewMed Energy private amid an escalating conflict between Israel and Hamas militants.
Executives at BP and Adnoc, already weighing whether to improve their initial proposal for the Israeli natural-gas producer, are anticipating further delays on the deal until the political situation improves, according to people familiar with the matter, who requested anonymity as the matter is private.