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As the political furor intensi ed across the international stage, Dudley got a warning that he would be arrested the next day He immediately drove to the airport and caught a plane to Paris He spent the next few months in hiding, moving around Europe, while still attempting to retain control of TNK-BP4 Eventually, Hayward struck a truce at a meeting in Prague: the partnership would sell 20 percent of its shares to the public, BP s ousted staff members in Moscow would not return, and the company would appoint an independent Russian chief executive Putin s warning to Browne had been prescient With equal shares, there was no tiebreaker mechanism, no way to resolve disputes between the owners The stock sale would alleviate that problem, and Hayward, while he bristled at the public nature of the dispute, remained steadfast in his commitment to the venture The premise on which the thing was structured was right, he said It s been the most successful investment BP has made in ten years period It turned out that the new chief executive wouldn t be as independent as Hayward had believed In 2009, the oligarch Fridman appointed himself to the job However, Hayward had managed to salvage BP s Russian investment, even if the Russians were now calling the shots At least its role in the venture was secure, and the company was able to continue booking big dividends from its stake Dudley remained in a sort of limbo Technically, he hadn t been a BP employee since 2003, but the plan was clearly for him to return to the company After all, regardless of the errors that he, Hayward, and Browne had made in Russia, Dudley had borne the brunt of the consequences He had literally put himself in danger protecting BP s interests, and for that, he was considered a hero within the company As Hayward saw it, Bob Dudley did a fantastic job
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Now, Dudley was stepping into another BP hot spot Hayward, after his disastrous testimony before Congress, had become a lightning rod A soft-spoken American with ties to the Gulf Coast might be just what the company needed to soften its image and ease public anger Hayward, meanwhile, embarked on a self-imposed exile of sorts BP s deteriorating nances were a growing concern The company s stock had hit bottom in late June, but it remained well below its trading range before the Horizon accident It announced plans to sell assets to help pay for the spill fund It didn t have to pay the full $20 billion all at once In the rst year, it was required to put in just $7 billion Setting aside the money and walling off its potential liabilities was just one step in securing BP s future The second step was lining up enough friendly shareholders to discourage a hostile takeover Hayward traveled around the world, courting investments from foreign governments and winning assurances that they would vote against any buyout offers that BP might face because of its depressed stock price He met with of cials in Abu Dhabi to propose that the emirate buy 10 percent of BP s shares, and he wooed investments from Kuwait, Qatar, and Singapore With BP s stock battered by the crisis, sovereign wealth funds suddenly started talking about buying double-digit stakes in BP BP had signed a deal to drill off the Libyan coast, and Libya s oil minister said he recommended that the country s investment fund buy a stake in the company because it s a good opportunity for bargain hunters 5 By the time Hayward returned to London and addressed shareholders on July 27, no oil had owed into the Gulf for two weeks Still, BP s crude had stained more than 800 miles
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