Akzo Nobel NV, Europe’s largest paintmaker, exceeded its savings target last year and Chief Executive Officer Ton Buechner pledged this year’s goals remain intact as he strives to bring profitability in line with peers such as PPG Industries Inc.
BP Plc , seen as a rising default risk by credit investors, scrapped dividends and pledged asset sales to meet President Barack Obama ’s demand for a $20 billion fund to help victims of the worst oil spill in U.S. history.
BP Plc , Europe’s second-biggest oil producer, said profit declined 4 percent in the first quarter as output dropped. The company booked an extra $400 million charge related to last year’s Gulf of Mexico spill.
BP Plc’s agreement to cut three quarters of dividend payments and set up a $20 billion fund for oil-spill victims removed the energy producer from a four-hour stint among companies the bond market labels distressed.
Credit investors are pricing in a 39 percent chance BP Plc will default within five years as it tangles with the Obama administration over cleanup costs and claims for the biggest oil spill in U.S. history.