Ex BP boss competes once again

Tony Hayward, the former boss of BP is set to share in a massive windfall if his new company Vallares is successful with its acquisitions of oil and gas assets. […]

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By Tom Gibson

Tony Hayward, the former boss of BP is set to share in a massive windfall if his new company Vallares is successful with its acquisitions of oil and gas assets.

The four founders of Vallares – Hayward, Nathaniel Rothschild, Tom Daniel and former Goldman Sachs partner Julian Metherell have together committed £100m to the project.

Vallares is hoping to raise £1bn in its London float this month by offering shares in itself.

His new company is expected to fetch an enterprise value of £3bn-£8bn.

Last year Mr Hayward was relieved of his duties as BP boss following the Deepwater disaster.