BP Amoco-Arco merger hearing before the Committee on Energy and Natural Resources, United States Senate, One Hundred sixth Congress, first session ... June 24, 1999. by United States. Congress. Senate. Committee on Energy and Natural Resources.

Cover of: BP Amoco-Arco merger | United States. Congress. Senate. Committee on Energy and Natural Resources.

Published by U.S. G.P.O., For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office in Washington .

Written in English

Read online

Places:

  • United States.

Subjects:

  • BP America (Firm),
  • Amoco Corporation.,
  • Atlantic Richfield Co.,
  • Petroleum industry and trade -- Mergers -- United States.,
  • Competition -- United States.

Edition Notes

Book details

SeriesS. hrg. ;, 106-163
Classifications
LC ClassificationsKF26 .E55 1999za
The Physical Object
Paginationiii, 108 p. : ill. ;
Number of Pages108
ID Numbers
Open LibraryOL138913M
ISBN 100160595401
LC Control Number99524635
OCLC/WorldCa42803912

Download BP Amoco-Arco merger

Merger with BP p.l.c. on Ap Figures have been restated to reflect Arco’s 2-for-1 stock split on J They have not been restated to reflect BP stock splits or dividends subsequent to Decem Year Record date Ex-dividend date Payment date Dividend $/share Feb Feb Mar 0.

In March British Petroleum Amoco (BP) announced its intention to acquire the Atlantic Richfield Company (ARCO) for $ billion in stock. As one of the largest oil mergers ever, the BP/ARCO deal was sure to attract intense public attention as well as antitrust scrutiny.

Get this from a library. BP Amoco-Arco merger: hearing before the Committee on Energy and Natural Resources, United States Senate, One Hundred sixth Congress, first session J [United States. Congress. Senate. Committee on Energy and Natural Resources.]. The merger of British Petroleum and Atlantic Richfield as proposed would have made BP the sole operator and 70 percent owner of Alaska's oil fields.

The Federal Trade Commission challenged the merger partly out of concern for higher West Coast gasoline prices, and required a divestiture ARCO's entire Alaskan business. However, West Coast crude prices are governed by the cost of the marginal. As a globally significant merger in the field of oil, gas and energy industry, global firm BP has completed numerous acquisitions, notably with Amoco, ARCO and Burmah Castrol (Bulow and Shapiro.

The Merger Of Bp And Amoco British Petroleum and Amoco announced their merger on August 11th of as the largest industrial merger in history worldwide. Initially the plan was to convert all the BP service stations in the United States into Amoco, whereas overseas all the Amoco service stations were supposed to be converted into BPs.

Merger Summary Last Updated: May 4, On April 1,BP Amoco and ARCO confirmed reports that the two oil giants were negotiating a merger agreement. The announcement created vast controversy about the impact the new organization would have in Alaska and nationally. The aggregate consideration to be paid by BP Amoco pursuant to the Combination (on the basis set out in paragraph of Part VIII) will be $31 billion.

Combination Terms (a) Under the terms of the Combination, ARCO Common Shareholders (other than BP Amoco, ARCO or any subsidiary of BP Amoco or ARCO) will be entitled to receive. Under the terms of the order, BP Amoco was required to divest all of ARCO's assets relating to oil production on Alaska's North Slope (ANS) to Phillips Petroleum Company or another Commission-approved purchaser.

BP Amoco also would have to divest all ARCO assets related to its Cushing, Oklahoma crude oil business within four months. bp’s new content-packed platform is your digital guide to our journey to net zero, where you’ll find all the latest news, views and features.

Plus, check out our five themed rooms, for deep dives into specific topics. Start browsing Net zero by “The world’s carbon budget is finite and running out fast; we need a rapid transition to. Finally, John Browne, who had been on the board as managing director sincewas appointed group chief executive in Browne is considered the responsible for BP’s three major acquisitions; Amoco, ARCO and Burmah Castrol.

Development of the merger: In BP and Amoco net income was US$ billion and US$ billion respectively. BP Amoco has no presence in the region and the merger would make BP Amoco a coast-to-coast oil products retailer.

Upstream, both companies produce oil in the Alaskan Prudhoe Field: the merger would give BP Amoco-ARCO control of 70 per cent of the output of Alaskan oil. London-based BP Amoco and Atlantic Richfield, or Arco, are expected to announce the merger later this week after the boards of the two companies vote on the deal, the newspaper said.

Any pact. Atlantic Richfield Company (ARCO / ˈ ɑːr k oʊ / AR-koh) is an American oil company with operations in the United States, Indonesia, the North Sea, the South China Sea, and Mexico. It has more than 1, gas stations in the western part of the United States, and recently (as of ) five gas stations in northwestern Mexico.

ARCO was formed by the merger of East Coast–based Atlantic. Industry analysts generally view the BP Amoco-ARCO merger as mutually beneficial, although many are waiting to see whether it prompts further mergers or drives other firms to become serial acquirers.

Bp/Amoco Merger Acquisition Words | 25 Pages | BP Amoco/Arco Merger | Merger and Acquisitions Term Paper | | | 12/10/ | | Contents Time Line of Events 3 Introduction 4 Industry Analysis 5 Overview of ARCO 's Business 7 Overview of BP Amoco’s Business 7 Value Creation from the Merger: 8 Competitors Analysis 9 Antitrust Issues 11 FTC Arguments 12 What Happened.

14. After days of anticipation, BP Amoco on Thursday confirmed that it is indeed buying the Los Angeles-based Atlantic Richfield Company - Arco - for $ billion. The deal, which will make the two. A BP Amoco-Arco combination would leave about 70 percent of oil production in Alaska in the hands of one company, although in a concession to Alaska authorities, the two companies agreed as part.

The merger of British Petroleum and Atlantic Richfield as proposed would have made BP the sole operator and 70 percent owner of Alaskas oil fields. The Federal Trade Commission challenged the merger partly out of concern for higher West Coast gasoline prices, and required a divestiture ARCOs entire Alaskan business.

Arco's agreement to be acquired by BP Amoco in a stock swap valued at about $ billion will offer Arco shareholders a premium of about 20% over Arco's closing price last Friday. The merger, which the companies first announced a year ago, will create a company with a market capitalization of $ billion and combine the assets of Britain's BP Amoco PLC, which.

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. BP Amoco has been anxious to highlight its diversification away from Prudhoe Bay but the field accounted for close to half the group's profit prior to the Amoco merger, and a higher.

The BP Amoco-ARCO decision was disclosed the same day that Exxon and Mobil completed the largest industrial merger in history after the commission approved that deal and ordered the companies to. BP AMOCO'S takeover of Atlantic Richfield (Arco) is set to value the US oil company at more than $26bn (pounds 16bn) after a new bout of merger fever caused a sharp rise in share prices on both.

Bp Amoco Words | 32 Pages. REV: M A Y 4, B ENJA M IN E ST Y M ICHA EL K A NE BP Amoco (A): Policy Statement on the Use of Project Finance As two of the largest oil and gas firms in the world, The British Petroleum Company p.l.c.

(BP) and Amoco Corporation (Amoco) had a long history of competitive encounters. BP Amoco and Arco confirmed they are in merger talks. A deal in which BP would pay at least $25 billion in stock could be unveiled as soon as Wednesday, said people close to the negotiations.

BP Amoco has indicated it would shed the extra leases if asked to do so. The merger would also give the combined company ownership of more than 70 percent of the Trans-Alaska Pipeline System.

BP AMOCO is today expected to unveil an agreed $28bn (pounds bn) bid for the US's eighth-largest oil company, Atlantic Richfield (Arco), after Arco's board meets to vote on its all-share offer. BP Amoco itself was created only a little more than a year ago with the merger of British Petroleum and Amoco.

A court fight over the BP Amoco-Arco deal could be lengthy, although a possible settlement cannot be ruled out. BP Amoco has said that despite FTC opposition, it is determined to press ahead with the merger.

BP Amoco and ARCO entered into a merger agreement on Ma in a transaction valued at about $26 billion. The oil companies were set to complete the merger on February 8, California, Oregon, Washington and the FTC have been involved in an extensive investigation of the merger and negotiations to reach a settlement.

BP Amoco/Arco Merger | Merger and Acquisitions Term Paper | 12/10/ | Contents Time Line of Events 3 Introduction 4 Industry Analysis 5 Overview of ARCO's Business 7 Overview of BP Amoco’s Business 7 Value Creation from the Merger: 8 Competitors Analysis 9 Antitrust Issues 11 FTC Arguments 12 What Happened.

14 Divestitures 14 Phillips Acquires ARCO Alaska 15 FTC dissent BP Amoco's agreed £17bn deal with Arco looks more a takeover than a merger. All Arco's directors retire, its top managers get no job guarantees (though some will get big payoffs) and BP Amoco is.

The BP Amoco/ARCO merger would add 51 points to bring the HHI for the industry up to If the Chevron/Texaco took place, this would add another 18 points, so the new industry HHI would be So with six mergers, among the top 23 petroleum companies in the world, the HHI for the petroleum industry would rise from points to points, a.

The decision this week to block the purchase of the Atlantic Richfield Co. (Arco) by the oil giant BP Amoco is a much needed and overdue step to stem the tide of monopolistic mergers.

These mergers bring higher prices for consumers, decreased competition in the marketplace and disproportionate political influence for the resulting mega-companies. Chapter-1 Company Profiles before Merger British Petroleum Company British Petroleum Company (BP) is a British multinational oil and gas is the third-largest energy company and fourth-largest company in the world.

It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing.

BP and ARCO have comparable winning records in state lease sales over the last decade. After the merger, BP would control a dominant share of exploration and development and lessen competition by eliminating ARCO as an effective competitor, the agency will allege.

Substantial, timely and effective entry is unlikely, the agency said. ExxonMobil had issued a lawsuit against BP, Arco and Phillips Petroleum.

This had prevented the sale of Arco's assets to Phillips, a condition set by the FTC for the merger with BP. The companies have now reached an agreement in principle, under which ExxonMobil will have a % stake in Prudhoe Bay, Phillips will have % and BP gets %.

BP Amoco - ARCO merger disapproved by the US government. 3 February Following the decision of the US Federal Trade Commission (FTC) to oppose the proposed combination of BP Amoco and ARCO, the two companies announced their intention to pursue the issue in court.

Merger critics say such supply dominance could force up gasoline prices in California and other West Coast states. Alaska is where BP Amoco and Arco have the most overlap in their global operations. Even without ARCO's ANS fields, says BP, the merger will allow the combined companies to cut costs by $1 billion/year.

Some savings would come from BP's acquisition of all of Vastar Resources Inc.The spread between Arco's trading price and BP Amoco's offer widened from $ to $ per share, indicating investors were less confident that the transaction would close in the near future.

LONDON -- BP Amoco Corp. is buying Atlantic Richfield Co. for $ billion in stock in a deal that will make it the world's second largest oil company. The combined company, which would be exceeded in size only by Exxon Corp. once it completes its purchase of Mobil Corp., would be the latest union to take place in the rapidly consolidating oil industry.

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