The state’s 82% holding in Royal Bank of Scotland (NYSE:RBS) would be sold in four tranches over a ten-year period after another 18 months of propping up the bank’s balance sheet, says Reuters, quoting the Times newspaper. Each tranche could exceed £10 billion. It is estimated that the bank would commence paying dividends by late 2014.
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A group of minority shareholders in TNK-BP, who had sued BP (NYSE:BP) for damages amounting about $3.2 billion due to a failed BP-Rosneft deal last year, are withdrawing their suit after the agreement last month by the major shareholders of TNK-BP to sell their holdings to Russian oil firm Rosneft. The litigation would be dropped at a court hearing scheduled for December 14.
LDK Solar (NYSE:LDK) reports third quarter loss of $1.08 per ADS and revenue of $291.5 million which beat by $0.16 and $45.1 million dollars respectively. The company shipped 230.2 MW of wafers and 161.9 MW of cells and modules during the quarter. Gross margin was -11.2% compared to -3.6% in the year ago period. The results were impacted due to an inventory write-down of $37.8 million due to declines in the market price of various products.