Britoil’s directors conceded defeat and reluctantly accepted...

Britoil’s directors conceded defeat and reluctantly accepted a takeover offer by multinational British Petroleum Co., even though it said the offer was inadequate. BP, Britain’s largest company, had built up an 80% stake in Britoil in a $4.3-billion takeover. Britoil, which owns valuable North Sea oil and gas resources, is Scotland’s biggest firm.