Former BP CEO Tony Hayward is planning to raise as much as $1.6 billion in an initial public offering of an energy investment fund, Bloomberg News reported, citing three sources with knowledge of the matter. One the sources said the outfit Hayward is linked to is expected to list on the London Stock Exchange in the next three months.
After a series of verbal gaffes and management missteps, Hayward was forced out of the top spot at BP (BP), Europe's second-largest oil company, following the Gulf of Mexico oil spill in April 2010. Since then, Hayward has been quiet, though he has been rumored to be joining several international investment funds.
Hayward declined to comment on his new venture. The fund will look to raise capital to purchase mature assets that oil majors are looking to sell, Bloomberg reported. Hayward might find a willing seller in his former employer as BP has sold $25 billion in assets in the past year to raise cash for costs tied to the Gulf spill.
While the fund has targets in different regions under consideration, no decisions on what to pursue will take place until the funds have been raised, Bloomberg reported, citing one of the sources. The fund has held talks with several international sovereign wealth funds regarding possible investments.