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BP agrees to $20 billion spill fund, cuts dividend

Wed, 06/16/2010 - 7:30pm
Reuters

WASHINGTON (Reuters) - Under intense pressure from U.S. President Barack Obama, BP Plc said on Wednesday it will set up a $20 billion fund for damage claims from its huge Gulf of Mexico oil spill, sell assets and suspend dividend payments to shareholders.

The deal gave Obama his most tangible success since the crisis began 58 days ago, with criticism over his handling of the worst oil spill in U.S. history hurting the president in opinion polls as his fellow Democrats gear up for tough congressional elections in November.

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