BP Amoco takes a hit in battle over Sidanko

Article Abstract:

BP Amoco PLC's $571 million (Euro531.3 million) Russian investment has been further undermined by Tyumen Oil Co.'s (TNK) purchase of Kondpetroleum, a OAO Sidanko subsidiary, in which BP Amoco has a 10% share. The deal is the latest action in a battle between BP Amoco and TNK for control of Sidanko's assets, which is being regarded by many as a litmus test for the rights of foreign investors in Russia. A BP Amoco spokesman said that the firm will go to court to try to overturn the sale.

United Kingdom, Russia, Tyumen Oil Co., OAO Sidanko, Kondpetroleum

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Elf shares fall 1.1% as investors await takeover defense plan

Article Abstract:

Elf Aquitaine SA saw its share value drop by 1.1% as investors await the outcome of TotalFina SA's bid to acquire the French oil firm. TotalFina offered to buy Elf in an exchange of shares worth 42 billion euros. Philippe Jaffre, the chairman of Elf, said that TotalFina's offer is "hostile." Officials with Elf have been discussing the possibility of a defense plan with investment bankers.

Comment:

Elf Aquitaine's share value drops 1.1% as investors await outcome of TotalFina's bid

France, Abstract, TOTAL S.A., Elf Aquitaine S.A.

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BP confident of its Arco deal, despite objections

Article Abstract:

Article about how BP Amoco PLC is trying to get U.S. Federal Trade Commission (FTC) approval for the company's proposed $33 billion (Euro32.72 billion) purchase of Atlantic Richfield Co. The U.S. agency recommended that the proposed acquisition be challenged, but BP is waiting to hear from the FTC how it could make the deal work.

United States, Brief Article, United States. Federal Trade Commission, Atlantic Richfield Co.

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