Abu Dhabi National Oil Company (ADNOC) considered a £88bn takeover of BP but ultimately decided BP was not the right fit.

UAE's state-owned oil company, Abu Dhabi National Oil Company (ADNOC), recently considered a £88bn ($110.3bn) takeover of British energy giant BP, but talks did not progress beyond preliminary discussions, according to reports. ADNOC ultimately decided that BP was not the right fit for its strategy. BP's shares increased by 3.1% following the news, contributing to a strong day for other companies as the FTSE 100 edged close to a record high.