BP Plans To Defer 2Q Dividend, Put Cash In Escrow -UK Times

11th Jun 2010 18:51

DOW JONES NEWSWIRES BP PLC (BP, BP.LN) is preparing to defer its expected GBP1.7 billion second-quarter dividend, which would be announced in July, The Times of London reported Friday on its website. The Times says BP would put the money in escrow until the company's liabilities from the Gulf of Mexico oil spill are known. The Times quotes people familiar with the matter who say further quarterly dividends would be treated the same way. The Times says a growing number of BP board members see the move as necessary to address U.S. public opinion on the disaster. Full story at http://www.timesonline.co.uk/tol/news/world/us_and_americas/article7148202.ece -Dow Jones Newswires; 212-416-2900 (END) Dow Jones Newswires June 11, 2010 13:51 ET (17:51 GMT)