M&G's Dobell: BP risks 'becoming lunch' for a rival

Tom Dobell, manager of the £7.8bn M&G Recovery fund, has warned BP it must up its game or risk being snapped up by another oil major.

Dobell, (pictured), who has 5.9% of his portfolio in the stock, said BP's management is still on probation following the Macondo disaster, and with the share price still well down on historic highs, he warned it is at risk of a takeover approach. "Unless it gets its act together quickly, we think BP could become lunch for another big oil company," he said. "We are now looking for leadership from BP." BP's first quarter results, released earlier this month, revealed a 13% fall in underlying profit to $4.8bn that came in spite of higher oil prices. Dobell said the company had suffere...