Re:BP quits Russia in up to $25B hit after Ukraine invasion
by ratsmack on Sunday February 27, 2022 @04:19PM
(#30492625)
I think there is an SEC rule that prevents large block trades from happening on the open market. Many of these are done behind the scenes or during aftermarket hours, but always have to be approved by the SEC.
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Re:BP quits Russia in up to $25B hit after Ukraine invasion
by zaphar on Sunday February 27, 2022 @04:44PM
(#30492860)
BP is not a US company nor is Rosneft. There is no reason the sale has to happen on an SEC controlled market. SEC rules do not necessarily apply here.
Re:BP quits Russia in up to $25B hit after Ukraine invasion
by htrp on Sunday February 27, 2022 @05:43PM
(#30493540)
>I think there is an SEC rule that prevents large block trades from happening on the open market
Not quite an SEC rule, just self interest.
You want to get the best price for your stake and your options are to liquidate over the course of a few days in the open market (in which case word gets out) or private placement (usually the best option).