Push for BP to Halt Dividends Hits Resistance in Britain |
| New York Times - Jun 10, 2010 |
British investors in BP are growing increasingly frustrated with the White House’s involvement and comments about the company’s efforts to clean up the oil spill in the Gulf of Mexico, and partly blame politicians for the sharp drop in the share price.
BP’s shares, which are widely held by pension funds here, dropped 7 percent in London on Thursday because of concerns about the costs for the oil cleanup. The shares have fallen more than 40 percent since the fatal explosion at the Deepwater Horizon drilling rig in April, wiping more than £50 billion, or $73 billion, from the company’s market value.
Shares, however, were 11.9 percent higher Thursday in New York trading after falling 15.8 percent on Wednesday. The drop came after lawmakers in Washington called on BP to suspend its dividend and advertising campaign to pay for the cleanup, and a senior official said the Justice Department was “planning to take action.”
Read Full Article from New York Times
- Posted: 2010-06-10 11:38:54
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