BP investors finally given something to cheer about
BP’s beleaguered shareholders had something to cheer about yesterday after the oil giant said it would hand back £5.3billion to investors.
The firm’s proposed share buyback is an immediate return following the closure of the sale of BP’s 50% stake in a Russian joint venture, TNK-BP, on Thursday.
It also provides some reward for the patience of shareholders, who saw dividends suspended after the Gulf of Mexico disaster and later reinstated at half their pre-spill value.
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