Ex BP boss and partners to share £158m windfall

City A.M. Reporter
Former BP chief executive Tony Hayward, financier Nathaniel Rothschild and former banker Julian Metherell will share a £158m payout after exercising a right to a 6.67 per cent stake in Genel Energy, the oil group they founded last year.

The founders of bid vehicle Vallares, renamed Genel Energy after acquiring a Kurdistan-focused group of the same name, will receive 18.7 million new Genel shares by exercising their founders, or 'B' shares, for which they paid £15m.

The founders also invested 85 million pounds in Vallares at its founding, on the same terms as other investors who stumped up £1.35bn in a bet the partners could find undervalued emerging markets oil assets.