BP Amoco bids 28.6 billion pounds sterling for Atlantic Richfield

Article Abstract:

BP Amoco has made a 28.6 billion pounds sterling bid for Atlantic Richfield (Arco). The new company would have a capitalization of 120 billion pounds, if approval is granted for the deal. Savings of 625 million pounds could be achieved annually in addition to savings of 300 million pounds already sought at Amoco. Regulators may be concerned about the size of the new company and its domination of the market in Alaska. Arco would bring gas assets in South-East Asia which would benefit the combined group when the economy of that region recovers.

Atlantic Richfield Co., BP PLC, ARC

---

Market gushes at oil giants' marriage

Article Abstract:

British Petroleum (BP) has announced the acquisition of Amoco to set up a new group valued at 75 billion pounds sterling. The deal will bring cost savings, at a time when the industry is under pressure due to a drop in petroleum prices. Second-line petroleum companies like Atlantic Richfield, Chevron, Mobil and Texaco are also seen as possible merger candidates. Better purchasing and drilling efficiencies will help the new group since exploration and production have been affected by low petroleum prices.

British Petroleum Company p.l.c, AN, Amoco Corp.

---

Pent-up anger in vain

Article Abstract:

Sibir looks as though it has settled a reverse takeover involving its parent company, Pentex, despite protests from a Pentex stockholder, Allan Muns, wh argued that Sibir's offer was not enough. Henry Cameron is the chief executive of both Sibir and Pentex, and Pnetex holds a 32% stake in Sibir. Sibir announced Russian tax liabilities in Mar 1998, and this announcement led to a drop in the stock prices of both Pentex and Sibir. There were rumors prior to this announcement.

Sibir, Pentex Oil

Similar abstracts:

• Abstracts: GUS springs 1.6 billion pounds sterling bid. Rose brightens Arcadia's prospects. Rose no loser
• Abstracts: CarPoint's easy navigation beats Auto-By-Tel. Looking for a portal? Yahoo, Lycos in tie as users weigh options
• Abstracts: No reins on recovery. Banking/finance. Mind the gap
• Abstracts: Conversion race. Imaging's big challenge. Data mining's hidden dangers
• Abstracts: Don't just surrender. Taking cover. One gamble always worth taking

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.