13 April 2000
BP Amoco and ARCO (Atlantic Richfield Company) announced that they have received clearance from the US Federal Trade Commission (FTC) for the combination of their companies.
The union, which was originally agreed a year ago, will create a combined group with a market capitalization of some $200 billion.
Initially, the FTP opposed the merger over concerns on its negative impact on the competitive situation in Alaska. After negotiations, BP Amoco and ARCO agreed to sell some of its Alaska businesses.
BP Amoco and ARCO said they plan to close the transaction at 0800 hours, London time, on Tuesday, 18 April 2000. The last day of trading in ARCO common stock will therefore be Monday, 17 April 2000.
Source: BP Amoco