As the BP (BP.LN) spill in the Gulf of Mexico ends, legal battles are now likely to begin, say UBS. Notes the reporting season has seen Transocean, (RIG), Anadarko (APC) and Mitsui (MITSY) reject accruing for their contribution towards the spill. Says: "This continues to suggest the share of responsibility and the tallying of who pays what will be established in arbitration and/or the court room." Meanwhile, says the long-term outlook for growth and strategic view for BP is not clear to investors, and so, the shares are likely to remain at a discount to UBS NAV estimate of 610p per share. Keeps buy and 525p price target. Shares +2.4% at 436p.

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