BP disaster boss Tony Hayward back in the market

Former BP boss Tony Hayward aims to raise around £1billion with a June listing of an acquisition vehicle that will target oil assets.

Mr Hayward, who resigned from BP less than a year ago amid a barrage of criticism for his handling of the Gulf of Mexico oil spill, is one of the founders of Vallares, an energy investment vehicle which has announced its intention to float on the London Stock Exchange.

The company, founded with financier Nat Rothschild, former Goldman Sachs partner Julian Metherall and investment manager Tom Daniel, will target oil and gas assets in emerging markets worth between £3 billion and £8 billion.

Mr Hayward became a familiar face in the wake of the fatal Deepwater Horizon explosion last year as he faced the anger of US politicians and was accused of making a number of PR gaffes.

Mr Hayward famously told reporters "I want my life back" at the height of the oil spill disaster last year and was also criticised for going sailing off the Isle of Wight while the crisis unfolded.

Mr Hayward stepped down from his post as chief executive shortly after he was grilled by a US congressional committee in a public hearing.

After his departure, he remained a member of the board on BP's Russian joint venture TNK-BP and later became senior independent director of commodities trader Glencore, which listed in London last month.

As Vallares unveiled plans to launch its own stock market flotation, Mr Hayward said: "We will have the cash, access to funds and the capability to unlock value where the current owners have neither the capital nor technical expertise to develop assets."

Vallares, which has set a placing price of 1000p per share, said it would use the expertise of its founders to identify takeover targets.

The company will follow the model of Mr Rothschild's mining investment vehicle Vallar, which raised £707 million last year in a stock market flotation and acquired a coal business in Indonesia.

Vallares said: "The directors believe that increasing global industrialisation and urbanisation, particularly in Asia and the emerging markets, is likely to lead to increased global demand for commodities."

The company said it would focus on Russia, the Middle East, Africa, Asia and Latin America.

It added that Mr Rothschild and Mr Hayward have a "global network of relationships with key decision-makers".

Vallares shares will be allocated on or around June 20.

Start your day with The Independent, sign up for daily news emails
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Digital Optimisation Executive - Marketing

£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Day In a Page

Syria civil war: Meet the military commander who says his soldiers will not rest until every inch of their war torn country is free of Islamist 'terrorists'

‘We won’t stop until Syria is back to normal’

Near the front lines with Islamist-controlled towns where Assad’s troops were besieged just last month, Robert Fisk meets a commander confidently preparing his soldiers for battle
The inside story of how Bill Clinton built a $2bn global foundation may undermine Hillary's chances

The inside story of how Bill Clinton built a $2bn global foundation...

... and how it may undermine Hillary's chances in 2016
12 best olive oils

Extra-virgin, cold-press, early-harvest, ultra-premium: 12 best olive oils

Choosing an olive oil is a surprising minefield. Save yourself the hassle with our handy guide
Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back