BP denies Hayward resignation reports

BP denied a report its embattled chief executive would leave soon, as it lined up $7 billion (€5.46bn) in asset sales to help pay for the worst oil spill in US history, lifting its shares yesterday.

Chief executive Tony Hayward, who has been heavily criticised for his handling of the disaster, had the full support of the board and would stay in office, a BP spokesman said, dismissing a report in the Times that he would step down within 10 weeks.

BP shares rose 3.4%, buoyed by its sale of assets in the US, Canada and Egypt to Apache Corp, a large part of a $10-billion asset disposal plan.