Tony Hayward, the former BP boss, is making his big return after the Deepwater Horizon disaster with the float on the London stock market of a £1bn oil venture with financier Nat Rothschild.
Vallares, which is due to list later this month, is a shell company that will buy oil assets in developing markets.
The idea is that owners will receive shares in Vallares so they would get the chance to share in future gains, and Hayward and Rothschild would not have to pay an inflated cash price for their purchases.
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Former BP boss Tony Hayward to float £1bn oil venture 
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