Lyondell Petrochemical to buy Arco Chemical
Article Abstract:
The Lyondell Petrochemical Company bought ARCO Chemical from Atlantic Richfield yesterday for $5.6 billion. This deal will triple the size of Lyondell and allow it to take over production of paint, plastic, and cosmetic products. Atlantic Richfield sold ARCO as part of an ongoing plan to focus on oil exploration and production, and to reduce their chemical business. Atlantic Richfield is currently involved in a serious oil exploration effort overseas to combat falling production at its oilfields in Prudhoe Bay, Alaska.
Comment:
Lyondell Petrochemical buys ARCO Chemical from Atlantic Richfield for $5.6 bil
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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It's official: BP is planning to buy ARCO; about 2,000 job cuts, many in Los Angeles
Article Abstract:
The stock deal valued at about $26.8 billion whereby BP Amoco would acquire ARCO has been approved by both companies, but must now get past antitrust regulators in the U.S. and Europe. In the announcement confirming the deal the companies also said the acquisition would mean the loss of jobs for about 2,000 people, many from the ARCO headquarters in L.A. British-owned BP Amoco anticipates no problems running a combined company with 59% of the U.S. refining business.
Comment:
Company to acquire ARCO in $26.8 billion stock deal
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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Lyondell to join chemical elite after Arco deal
Article Abstract:
Lyondell Petrochemical Co. will acquire Arco Chemical Co. for $5.6 billion. The acquisition will jump Lyondell into the top ranks of the nation's chemical makers. Lyondell agreed to pay $57.75 a share and assume $870 million of Aroco Chemical debt. Analysts agree the acquistion gets Arco Chemical the highest stock price they've had in ten years. Lyondell gets a good match with Arco Chemical, which will provide tax benefits, trim costs and add to earnings.
Comment:
Will acquire Arco Chemical Co.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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