Britain said it would allow Kuwait up...

Britain said it would allow Kuwait up to three years to reduce its holding in British Petroleum Co. to 9.9% from 21.68%. The period represents a compromise between the five years sought by the Kuwait Investment Office, which is the London-based investment arm of the Kuwaiti government, and the one year originally recommended by the British Monopolies and Mergers Commission. Trade Secretary Lord Young in October ordered Kuwait to reduce its BP holding to 9.9% after the monopolies commission said a larger holding by Kuwait “might be expected to operate against the public interest.”