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Bp Amoco Company

BUSINESS
November 3, 1999 | From Bloomberg News
Shares of Atlantic Richfield Co. on Tuesday fell 5%, in their biggest one-day drop since last November, on reports that federal antitrust regulators may try to block BP Amoco's proposed buyout of the Los Angeles-based energy company. Arco stock fell $4.56 to close at $87.63 on the New York Stock Exchange. Tuesday's decline erased $1.4 billion of Arco's market value.
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BUSINESS
August 31, 1999 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Pumped by stirring multimedia presentations of Arco's sweeping history and an appearance by colorful former Chairman Robert O. Anderson, shareholders of Atlantic Richfield Co. on Monday overwhelmingly approved the merger of the Los Angeles-based oil company into giant BP Amoco. Slightly more than 97% of the shares voted favored the merger, representing about 75% of the Arco shares eligible to vote.
BUSINESS
August 30, 1999 | Nancy Rivera Brooks
Shareholders of Atlantic Richfield Co. today are expected to approve the proposed merger of the Los Angeles-based oil company with BP Amoco. The London-based oil giant, the world's third-largest publicly held oil company, agreed to buy Arco, the eighth-largest U.S. oil company, in April in a stock swap valued at $29.6 billion, or $90.51 cents a share based on Friday's closing price for BP Amoco's American depositary receipts of $110.38. Arco's stock closed Friday at $86.38 a share.
BUSINESS
August 18, 1999 | Times Wire Services
BP Amoco on Tuesday unveiled plans to test gas pumps that offer motorists an Internet connection for weather information and travel services. The oil company said it reached a three-year deal with Fort Wayne, Ind.-based Tokheim Corp., which will provide the pumps. Britain-based BP Amoco will test the Internet pump first in Japan early next year, then add six sites in the United States within the first half of next year.
BUSINESS
August 11, 1999 | Bloomberg News
BP Amoco said profit rose a better-than-expected 19% in the second quarter to $1.37 billion, or 13 cents a share, after oil prices surged and benefits from the integration of BP Petroleum and Amoco Corp. began to materialize. Chief Executive John Browne, who promised to cut $4 billion in expenses over three years after BP acquired Amoco in December, also said the company will cut as many as 14,500 jobs by the end of the year, 4,500 more than previously forecast.
BUSINESS
April 2, 1999 | From Reuters
Capital Research & Management, the third-largest mutual fund family in the United States, is in line for a big gain from BP Amoco's proposed $26.8-billion takeover of Atlantic Richfield Co., but Arco executives can expect a relatively modest reward. L.A.-based Capital Research, which runs the American family of funds group, is Arco's largest outside shareholder, with 7.9%, or 25.4 million shares, according to regulatory filings. Overall it has $275 billion under management.
BUSINESS
April 2, 1999 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Mike R. Bowlin's start in the oil business was small: sweeping up at his dad's gasoline station in Amarillo, Texas. Now Bowlin heads the seventh-largest oil company in the United States. He's sweeping up again, but the stakes are much higher this time as he prepares to sell Atlantic Richfield Co. to BP Amoco, the world's third-largest publicly traded oil firm. The proposed $26.8-billion transaction was announced Thursday.
BUSINESS
April 1, 1999 | JAMES FLANIGAN, TIMES SENIOR ECONOMICS EDITOR
BP Amoco's aim in acquiring Atlantic Richfield Co. is to survive in the fast-consolidating petroleum industry by growing bigger. It plans to boost its profit by cutting costs, firing Arco personnel and eliminating duplicate operations to do so. The British company, formerly known as British Petroleum, and its group chief executive, Sir John Browne, are unusually swift and direct in cutting costs out of the hides of acquired companies.
NEWS
April 1, 1999 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
BP Amoco has agreed to buy Atlantic Richfield Co. in a stock swap worth about $27 billion that will fold the Los Angeles oil company into a new global energy giant capable of exploring all corners of the planet--but thousands of Arco employees probably will not be a part of it. The two companies are expected to officially unveil the deal this morning in London. If the transaction goes through, Arco, the seventh-largest U.S.
BUSINESS
March 31, 1999 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
The boards of Atlantic Richfield Co. and BP Amoco are expected to meet separately today to contemplate a merger of the two oil companies in a deal rumored to total $25 billion or more in stock. Arco and BP Amoco declined to comment on their plans Tuesday. If a merger agreement is hammered out, Los Angeles-based Arco, the seventh-largest U.S. oil company, would join an oil giant that was created only three months ago through the marriage of British Petroleum of London with Amoco Corp. of Chicago.
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