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2010-06-16 23:11:03
BP agrees to suspend dividend
BP PLC agreed to suspend its dividend for the rest of this year as well as setting up a $20 billion fund to compensated victims of the oil spill.
The British oil giant also will cut spending and sell some assets to deal with the cleanup and compensation costs, which have already hit $1.75 billion.
BP Chairman Carl-Henric Svanberg announced the moves Wednesday after emerging from the White House, where he and other BP executives met for four hours with President Barack Obama.
The agreement resolved some lingering issues for shareholders, but wasn't totally reassuring. BP shares rose more than 5 percent to $33 after Obama said it was in everyone's best interests that BP remains a "strong and viable company." But they then slipped back as investors digested the full extent of BP's commitments, ending the day with a gain of 45 cents to close at $31.85.
Source: Finance.yahoo.com