7 April 2000
BP Amoco makes concessions
Following the strong negative response by the US Federal Trade Commission (FTC) to the proposed merger of BP Amoco and the Atlantic Richfield Company (Arco), the management of BP has offered to sell all Alaskan assets of Arco to Phillips Petroleum Co. The FTC concerns stemmed from the depth of market power that the combined company would possess in the production and delivery of certain types of crude oil, notably Alaskan North Slope. But, in announcing the $7.0 billion sale to Phillips, BP Amoco appears to have allayed the FTC's anti-trust concerns and it suspended a planned legal challenge to the Arco deal. With an agreement in place for the divestment of Arco's Alaskan assets and its pip
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