BP Amoco, ARCO say merger benefits Alaska

07/05/1999
BP Amoco plc and ARCO are trying to allay Alaska`s fears about their pending merger.Officials from both companies testified at a recent U.S. Senate energy committee oversight hearing that the merger would benefit the state where they are the biggest oil producers and currently operate separately the two main sectors of supergiant Prudhoe Bay oil field.The U.S. Federal Trade Commission is considering BP Amoco`s $26 billion acquisition of ARCO.The companies have disclosed that FTC has asked them for more information regarding their Alaskan production and California retailing operations. They plan to complete the deal by yearend.ConcernsSen. Frank Murkowski (R-Alas.), the energy committee ch...
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