BP's new chairman buys big

Feb 03, 2010

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BP's new chairman Carl-Henric Svanberg has put his faith in his new employer by investing £4.3m in the oil giant's shares.

He took 750,000 shares through his company CHAS Aludden.

Svanberg left Swedish mobile phone company Ericsson, where he had been president and chief executive since 2003, to take up his position at BP at the start of the year.

He succeeded Peter Sutherland, the former Attorney General of Ireland, as BP's chairman.

News of Svanberg's large share purchase comes the day after BP reported fourth quarter profits that were slightly short of expectations, but well ahead of the same period the previous year.

Underlying replacement cost profit for the quarter was up 70% on the same period a year earlier at $4.38bn, but fell short of analysts' forecasts of around $4.7bn.

Oil and gas output in 2010 is forecast to be down slightly on 2009 levels, as 2009 saw very few interruptions to production.

Recovery in the major economies of the US and Europe is expected to be 'slow and gradual', chief executive Tony Hayward said the company expects gas markets to be volatile while refining margins are expected to remain under pressure for the foreseeable future.

Top Director Buys

BP (BP.) Director name: Mr Carl-Henric Svanberg Amount purchased: 750,000 @ 574.94p Value: £4,312,050

Marston's (MARS) Director name: Mr Derek Andrew Amount purchased: 59,000 @ 90.00p Value: £53,100

Murgitroyd Group (MUR) Director name: Dr Christopher Greig Amount purchased: 5,000 @ 261.00p Value: £13,050

Maxima Holdings (MXM) Director name: Mr Graham Kingsmill Amount purchased: 12,272 @ 81.50p Value: £10,002

Top Director Sells

Novo-Nordisk AS 'B' Shares (NVOB) Director name: Mr Lars R Sorensen Amount sold: 29,000 @ Dk368.33 Value: Dk10,681,570

Novo-Nordisk AS 'B' Shares (NVOB) Director name: Mr Lars R Sorensen Amount sold: 26,138 @ Dk368.33 Value: Dk9,627,410

Novo-Nordisk AS 'B' Shares (NVOB) Director name: Mr Jesper Brandgaard Amount sold: 17,430 @ Dk368.34 Value: Dk6,420,166

Novo-Nordisk AS 'B' Shares (NVOB) Director name: Mr Jesper Brandgaard Amount sold: 10,000 @ Dk368.34 Value: Dk3,683,400

Avis Europe (AVE) Director name: Mr Pierre Alain De Smedt Amount sold: 235,728 @ 38.80p Value: £91,462

Avis Europe (AVE) Director name: Mr Pierre Alain De Smedt Amount sold: 164,272 @ 38.90p Value: £63,902

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