The BP Amoco and Atlantic Richfield Co. (ARCO) merger isofficially complete. BP Amoco will deliver to former ARCO holders,for each share of common stock owned, 1.64 American depositaryshares (ADS) of BP Amoco. Alternatively, if properly elected, ARCOcommon stock holders can receive BP Amoco ordinary shares. Cashwill be paid for fractional share interests. BP Amoco ADSs trade onthe New York Stock Exchange and other North American exchangesunder the symbol BPA with one ADS representing six ordinary sharestraded on the London Stock Exchange. Existing BP Amoco ADR holdersand existing ARCO preference stock holders do not need to take anyaction with respect to this transaction.
Richfield
Articles from Richfield
Stars Aligning For BP Amoco-FTC Agreement
Skies brightened significantly last week for the merger of BPAmoco and Atlantic Richfield Co. (ARCO), with the companiesannouncing moves to assuage the Federal Trade Commission (FTC), butfederal regulators still have yet to give their blessing to theunion. And high gasoline prices have at least one legislatorcalling for strict curbs on oil patch mega-mergers.
Stars Aligning For BP Amoco-FTC Agreement
BP Amoco said it is near an agreement with the FTC on its mergerwith Atlantic Richfield Co. (ARCO). The news comes with theannouncement the companies are selling ARCO’s Alaskan businesses toPhillips Petroleum Co. for $7 billion. BP Amoco also agreed to sellARCO’s interests in the Cushing storage terminal, together withvarious pipeline interests, to TEPPCO Partners of Houston for $355million.
Industry Briefs
BP Amoco’s merger with Atlantic Richfield Co. (ARCO) took a bigstep forward yesterday with the announcement the Federal TradeCommission agreed with the companies to seek adjournment of federalcourt proceedings opposing the merger. Reuters reported yesterdaythat Phillips Petroleum agreed to pay $6.5 to $7 billion for ARCO’sAlaska oil assets, which are being sold to meet the FTC’s antitrustobjections to the merger. An FTC spokesman said negotiationsbetween the commission and BP Amoco were ongoing and had no word onwhen a final announcement would be made. “We don’t know at thispoint. We really don’t. This is obviously a step in the rightdirection as far as a settlement is concerned.” BP Amoco stockclosed up $1.63 at $52.75 yesterday. ARCO closed up $4.25 at$83.25. Phillips closed down 38 cents at $39.06.
Alaska Wins Say in BP Amoco-ARCO Merger
Shares of BP Amoco and Atlantic Richfield Co. (ARCO) rose lastFriday following press reports that the companies agreed to selloff all of ARCO’s Alaskan assets to avoid going to court with theFederal Trade Commission (FTC) over their proposed merger.
Alaska Wins Say in BP Amoco-ARCO Merger
Shares of BP Amoco and Atlantic Richfield Co. (ARCO) rose lastFriday following press reports that the companies agreed to selloff all of ARCO’s Alaskan assets to avoid going to court with theFederal Trade Commission (FTC) over their proposed merger.
BP Amoco-Arco Faces State, Federal Trouble
The merger of BP Amoco and Atlantic Richfield Co. (Arco) becamesignificantly more complicated last week. Now the companies facefederal and state opposition, but they’ve added one formerchallenger to their camp.
FTC Seeks to Thwart BP Amoco-Arco Merger
BP Amoco and Atlantic Richfield Co. (Arco) say they will fightthe Federal Trade Commission in court for their right to merge.Wednesday the FTC said it would seek a preliminary injunction infederal District Court to block the merger.
BP Amoco, Arco Restarting Clock at FTC
Growing weary of waiting, BP Amoco and Atlantic Richfield Co. hope to step up the pace of their ongoing merger procedures by restarting the required 20-day notice period, suspended Nov. 2, at the US Federal Trade Commission (FTC). The companies concede the FTC has concerns about their pairing, but the merger partners said they don’t agree with the issues raised by the commission.
BP Amoco, Arco Restarting Clock at FTC
BP Amoco and Atlantic Richfield Co. plan to take the next formalstep to close their merger by restarting the required 20-day noticeperiod, suspended Nov. 2, to the US Federal Trade Commission (FTC).The companies concede the FTC has concerns about their pairing, butthe merger partners said they don’t agree with the issues raised bythe commission.