BP, Britain's largest company by market value, has ended its lengthy search for a new chairman today with the appointment of Ericsson chief executive Carl-Henric Svanberg.  The search to fill one of the CityÔÇÖs most prestigious posts began almost two years ago, with current chairman Peter Sutherland expecting to have stood down late last year or earlier this year.  Fifty-seven year-old Svanberg will join the BP board this September after seven years at Ericsson and is expected to take over from Sutherland on 1 January 2010.

Chinese oil giant Sinopec has agreed to acquire Canadian oil and gas exploration company Addax Petroleum Corporation in a deal valued at $8.27 billion Canadian (US$7.2 billion), which will give it access to oil reserves in West Africa and the Middle East. The takeover by Sinopec, formally known as China Petroleum & Chemical Corporation, represents another strong move in a drive by Chinese energy companies to expand their overseas assets as the government pushes to secure the countryÔÇÖs future growth.

Campaign group Global Witness has raised concerns over the effectiveness of the Kimberley Process Certification Scheme, which aims to stop the use of diamonds to fund conflict in Africa.┬á  Officials are currently meeting in Namibia for a three-day conference to review the Kimberley Process Certification Scheme (KPCS), which was set up in 2002 to prevent diamonds being traded to fund fighting across Africa.

Anglo American has rejected an approach from its rival, Swiss-based international mining giant Xstrata, calling its proposal to merge "totally unacceptable". ┬á  Anglo American said that yesterdayÔÇÖs proposals, which Xstrata called a ÔÇ£merger of equals" between ÔÇ£two world-class companies" lacked "strategic merit". ┬á In a statement, Anglo American said its board has ÔÇ£regularly reviewedÔÇØ its strategic options, including the possibility of a merger with Xstrata, in order to progress its objectives.

Anglo American has rejected an approach from its rival, Swiss-based international mining giant Xstrata, calling its proposal to merge "totally unacceptable". ┬á┬á Anglo American said that yesterdayÔÇÖs proposals, which Xstrata called a ÔÇ£merger of equals" between ÔÇ£two world-class companies" lacked "strategic merit". ┬á In a statement, Anglo American said its board has ÔÇ£regularly reviewedÔÇØ its strategic options, including the possibility of a merger with Xstrata, in order to progress its objectives.

Swiss-based international mining giant Xstrata has approached rival Anglo-American about the possibility of what it calls a ÔÇ£merger of equals.ÔÇØ  XstrataÔÇÖs chief executive recently sent a written proposal to the board of Anglo American proposing a merger, saying that a union of "these two world-class companies" was "highly compelling." ┬áA merger between the two would make a great deal of sense, according to industry observers, because of the vast cost savings that could be made.

Swiss-based international mining giant Xstrata has approached rival Anglo-American about the possibility of what it calls a ÔÇ£merger of equals.ÔÇØ  XstrataÔÇÖs chief executive recently sent a written proposal to the board of Anglo American proposing a merger, saying that a union of "these two world-class companies" was "highly compelling."  A merger between the two would make a great deal of sense, according to industry observers, because of the vast cost savings that could be made.

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