Abu Dhabi state oil company reportedly looked at buying BP

BP has underperformed against its competitors, which investors and analysts say has made the British firm a potential takeover target. Photograph: Frank Augstein/AP

Abu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP, in a sign that depressed share values in London are making even the biggest British businesses takeover targets.

Abu Dhabi National Oil Company (Adnoc) considered options including buying BP or acquiring a large stake before deciding it was not the right fit and abandoning preliminary discussions, according to Reuters.