Like the phoenix, which is reborn from its ashes, Tony Hayward, the former chief executive of BP, will once again lead an oil company. Vallares Plc, an investment vehicle co-founded by Hayward and Nat Rothschild, confirmed it was buying Genel Energy, a Turkish oil and gas company operating in Iraq, through a reverse merger for $2.1 billion on Wednesday.
The acquisition will be made through a reverse merger by which the London-based Vallares will issue $2.1 billion in stock at £10 a share, which will then be used to acquire Genel. The new company will be owned in equal parts by shareholders of both Genel and Vallares, Trade the News reports.
Hayward will be once again at the helm of an oil and gas company after the disastrous accident in the Gulf of Mexico in the summer of 2010, when the Deepwater Horizon drilling rig exploded, killing 11 and producing one of the worst natural disasters ever in the region. Hayward, who was replaced by BP’s current CEO Bob Dudley, was blamed by many for not doing enough on time to ameliorate the problems.