February 8, 2000 |
California, Oregon and Washington on Monday joined the Federal Trade Commission in suing to block BP Amoco from acquiring Los Angeles-based Atlantic Richfield Co. As with the FTC, which filed suit Friday, the states claim the buyout could lead to higher prices of oil pumped from Alaska's North Slope and shipped to the West Coast for refining. They also claim the acquisition of Arco would eliminate the firm most likely to constrain BP's exercise of monopoly power in that market.
February 5, 2000 |
Contending that BP Amoco is already manipulating the price of the Alaskan crude oil on which many West Coast refineries depend, the Federal Trade Commission filed suit Friday to block the company's proposed merger with Atlantic Richfield Co. Los Angeles-based Arco, No. 2 to BP Amoco in Alaska, is the company most likely to control the British firm's alleged monopoly power and therefore should not be allowed to merge with it, the FTC argued in a complaint filed in U.S.
February 3, 2000 |
The Federal Trade Commission voted narrowly Wednesday to seek a court order blocking the $27-billion purchase of Atlantic Richfield Co. by BP Amoco, making the proposed merger the largest the commission has ever tried to fight in the courts. The FTC, voting 3 to 2 to challenge the deal, said the merger would leave California and other Western states vulnerable to price gouging at the gasoline pump.
January 28, 2000 |
BP Amoco's chief executive presented a new offer to win U.S. approval of the company's $35-billion buyout of Atlantic Richfield Co., people familiar with the talks said. The move prompted the Federal Trade Commission to postpone until Monday a vote on whether to challenge the merger, the sources said.
January 22, 2000 |
The Federal Trade Commission set a nonpublic meeting for Friday, in which it may vote to sue BP Amoco and Atlantic Richfield Corp. to halt their proposed $27-billion merger. The FTC must permit the merger to go through unless it sues to block the deal in U.S. District Court by Feb. 3. The proposed merger has stalled because of FTC concerns that the combination would violate antitrust laws by leading to higher gasoline prices on the West Coast.
January 19, 2000 |
With the merger between BP Amoco and his company under increasing threat, Atlantic Richfield Co. Chief Executive Mike Bowlin said Tuesday that the two oil giants remain willing to haggle with the Federal Trade Commission to come up with an acceptable deal. But antitrust experts contend that BP Amoco has bungled the sensitive and highly political process of getting the necessary government approvals for the $27-billion combination.
January 15, 2000 |
Lawyers for BP Amoco and Atlantic Richfield Co. met for 90 minutes with Federal Trade Commission staffers, and then the companies filed notice with the FTC that they intend to complete their $27-billion merger after 20 days. "It was described as a cordial meeting," said a spokesman for BP Amoco. The two oil companies have been waiting for more than nine months for FTC approval of the combination, but FTC staff reportedly is concerned about the impact of the merger on West Coast gasoline markets.
January 14, 2000 |
BP Amoco's bid to create the world's largest non-state-owned oil producer hung in the balance Thursday as a rumbling disagreement with U.S. antitrust officials burst into the open. The British oil giant confirmed what Washington sources have been saying for several weeks, that the Federal Trade Commission doesn't like its $26.8-billion bid to buy Los Angeles-based Atlantic Richfield Co. and has rejected concessions offered.
January 7, 2000 |
BP Amoco will decide within 10 days whether to offer more concessions or to fight U.S. antitrust regulators who have so far rejected the London-based oil giant's $29-billion buyout of Los Angeles-based Atlantic Richfield Co., sources said Thursday.
December 23, 1999 |
BP Amoco will get management control of Russia's Sidanko oil company under an agreement that salvages the British-American oil company's half-billion-dollar investment in Russia. The deal restores BP Amoco's authority over a prized Siberian oil field that was bought this fall by Tyumen Oil, a major Russian oil company, at an auction BP Amoco claimed was illegal. Chernogorneft, a bankrupt Russian oil producer, was a unit of Sidanko, in which BP Amoco holds a 10% stake. Chernogorneft produced 6.