British Petroleum Co. PLC said it raised...

British Petroleum Co. PLC said it raised its stake in the independent North Sea oil firm Britoil and would bid for the rest of the company despite government plans to block any takeover attempt. BP said earlier it would pay $8.20 for each Britoil share--a deal that values the oil company, once owned by the British government, at $4.15 billion. BP, which is battling Los Angeles-based Arco in its pursuit of the oil firm, also said it raised its stake in Britoil to 29.9% from 24.9% Thursday. The British Treasury said the government would exercise its “golden share” in Britoil, kept when it privatized the company in 1982, enabling it to veto any board decision it considered unfavorable.