BP Amoco's Takeover of Burmah Castrol Liberates CEO Tim Stevenson for Potential New Opportunities

BP chairman Sir John Browne has high regard for Tim Stevenson, chief executive of the lubricant group, who may be in line to take over the struggling British Airways following the firing of Bob Ayling. Stevenson's revitalization of the Castrol brand marketing in the past couple of years and his experience running a multinational operation make him an attractive candidate for the top spot. The oil giant's takeover of Burmah Castrol has also paved the way for Stevenson's potential new opportunity, as he is now freed up from his current role.

Key Takeaways:

• Tim Stevenson, CEO of Burmah Castrol, has been revitalizing the Castrol brand marketing in the past couple of years and has experience running a multinational operation.
• Stevenson is a potential candidate to take over the struggling British Airways following the firing of Bob Ayling.
• The BP Amoco takeover of Burmah Castrol has given most shareholders a 50% uplift on their stock price.
• The deal allows BP Amoco shareholders to exploit the developing world more quickly and efficiently than through BP Amoco's own marketing.
• Castrol is not immediately linked with Big Oil and the associated political connotations.
• Sir John Browne, BP chairman, has a high regard for Tim Stevenson and sees him as a strong candidate for future opportunities.
• The joint Franco-American bid for BOC has been extended for regulatory reasons and may take up to six months for full clearance.

Statistics:

• 15% of Burmah Castrol's shares were bought by BP Amoco in the market.
• The BP Amoco cash offer has given most shareholders a 50% uplift on their stock price.
• 14 boards are currently sat on by Lord Marshall of Knightsbridge, 66, chairman of British Airways.
• The Burmah share price has seen a significant advantage over the BP Amoco cash offer.

Sources:

• FT: "BP Amoco close to Burmah Castrol deal"
• [No additional sources were provided in the original text]