BP Investors See Spill Deal Narrowing $44 Billion Gap: Energy
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BP Plc investors said progress toward a settlement with the victims of the Deepwater Horizon disaster signals a share-price rebound, closing the $44 billion gap with the company’s value before the worst U.S. oil spill.
BP rose to a 13-month high above 500 pence in London trading yesterday after the trial to apportion blame for the disaster was delayed by a week to allow time to reach an accord with lawyers representing businesses and residents. The stock may gain a further 15 percent, presuming the company keeps payments for the spill within $10 billion of the $37 billion it has already set aside in costs, said broker Brewin Dolphin Ltd.