The bid vehicle of former BP Plc Chief Executive Tony Hayward and financier Nathaniel Rothschild completed its controversial $2 billion acquisition of Kurdistan-focused Genel Energy on Monday, with corporate governance concerns weighing on the shares.The stock traded down 6.5 percent at 929 pence at 1035 GMT, lagging a 2.3 percent drop in the STOXX Europe 600 Oil and Gas index, on lower crude prices.Worries about the partners Hayward had taken on, and a rise in risk aversion among investors, amid market turbulence, outweighed positive news flow around Kurdistan since early September when the deal was announced and the shares suspended."Given the positive news around the Exxon deal, you would have expected the shares to move up," said Tim Hurst-Brown, oil analyst at Mirabaud Securities.
Shares of BP remained unchanged at $42.48. In the past year, the shares have traded as low as $35.10 and as high as $49.50. On average, 10883100 shares of BP exchange hands on a given day and today's volume is recorded at 430.
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