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BP hires Goldman Sachs as an adviser, possibly to avoid a takeover.

By Zaid Jilani on June 15, 2010 at 1:10 pm

"BP hires Goldman Sachs as an adviser, possibly to avoid a takeover."

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gs1 As BP continues to come under fire for its incompetence in cleaning up its own spill, the company is also ramping up legal and public relations efforts to try to rescue its tarnished reputation. Today, Reuters reports that the petroleum corporation has hired investment banks Blackstone Group, Credit Suisse Group, and Goldman Sachs as advisers, although the matter the banks are advising on is unknown. The Independent on Sunday speculated that BP hired Goldman “to fend off any potential takeover attempts” of the oil company. The choice of Goldman is sure to raise eyebrows as the investment bank is currently facing fraud charges from the SEC. The oil spill likely helped BP supplant Goldman as one of the most reviled companies operating in America.

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