BP shares soar after $4bn deal on Gulf spill

Shares in oil giant BP soared to their highest level in more than two months today after the group agreed a $4bn settlement with oil and gas exploration group Anadarko Petroleum over the Gulf of Mexico disaster.

BP said in a statement that Anadarko - which had a 25% stake in the Macondo oil well - will pay BP $4bn in a single cash payment as part of a settlement of all claims relating to the disaster. BP will add the payment to the $20bn trust it established to meet individual, business and government claims as a result of the spill. The settlement - which removes the threat of a potentially costly legal battle for the group - lifted shares, with BP up 5% or 21.3p to 437.7p as the market opened. As part of the deal, Anadarko will also transfer all of its 25% interest in the Macondo site to...