Nordic Bank Ditches BP Shares as a Result of Oil Spill

[Stuart G]

Source: BBC

Nordic bank Nordea has sold all its shares in BP, accusing the oil giant of a lack of transparency over the US oil spill.

The bank said it had divested about 10m euros ($11.9m; £8.2m) spread across about 20 funds.

And it said it would halt investment in BP until further notice.

BP shares were one of the few risers on the FTSE 100 on Monday, although they have lost about a third of their value since the crisis started.

"The environmental catastrophe in the Mexican Gulf is an extraordinary situation given the size of the spill, weak response from BP, criminal investigation towards the company as well as anticipated risk for other accidents," Nordea said.

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BP said it had been "open and transparent in every aspect of the response".

Given BP has a market capitalisation of about £81bn, Nordea is, a relatively small investor.




Read more: http://news.bbc.co.uk/2/hi/business/10258061.stm

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Look at that second to last sentence ...from BP..."open and transparent in every aspect of the response.."..

...................great....a lesson in "tall tales from BP"..or lies my father knew...

[dipsydoodle]

1. and such events have no bearing

on their balance sheet in which the shares are based on their issued price of 25 cents : not their current value of c. $7.

[wordpix]

2. even if this is only a small slap on BP's wrist, it's still good news

The people are speaking through their bank accts and investments. Now if everyone would divest themselves of all oil corporations, things might get better.

[dipsydoodle]

3. Don't overlook the fact

they sold them because there was a buyer at hand. Even the share drop only took them down to March '09 level and some of that bounced back again. The value in BP is their ability to earn money - not in their assets as such. It's in the interest of the USA for them to thrive and be able to pay restoration damages.