Halliburton Co., Houston, agreed not to create any new business ties with Iran in response to a shareholder resolution by New York City Comptroller William C. Thompson Jr. Mr. Thompson's office sent the resolutions to the company on behalf of three city pension funds: the $15.7 billion Police Pension Fund; the $5.3 billion Fire Department Pension Fund; and the $1.8 billion Board of Education Retirement System. The three funds own a combined 1.5 million shares of Halliburton worth about $42 million. "Halliburton will take appropriate corporate action to cause its subsidiaries to not bid for any new work in Iran," said Mr. Thompson in a news release. General Electric Corp. and Cooper Cameron Corp. also recently announced they would cease doing business in Iran because of shareholder pressure.
Halliburton tells shareholders it won't do more business in Iran
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