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.
December 10, 1999 |
In an unprecedented move to use the Internet for personnel operations, BP Amoco has tapped a new Irvine-based consulting firm to handle training, hiring and other human resources chores in a five-year deal worth $600 million. As part of an effort to trim $4 billion in expenses, BP Amoco said Thursday that it is turning over its human resources operations to Exult Inc., which opened shop just 14 months ago.
December 2, 1999 |
As speculation mounted Wednesday that BP Amoco's proposed $32.6-billion buyout of Atlantic Richfield Co. faces a serious regulatory threat, it raised a question: What if the deal ultimately collapses and Arco--California's top seller of gasoline--is left standing alone?
November 27, 1999 |
BP Amoco, which has invested more than $1 billion in Russia, said that it would review its operations in the country after an asset it partly owns was sold against its will. Russia's Tyumen Oil Co. bought bankrupt oil company Chernogorneft for about $176 million at a bankruptcy auction despite protests from its owners. The sale was seen as a test case for determining the future of foreign investment in Russia.