ExxonMobil sues to block ARCO-Phillips deal

ExxonMobil Corp. has filed suit in a Los Angeles court to block the sale of ARCO's Alaska assets to Phillips Petroleum Co.ARCO and Phillips struck the $7 billion deal in mid-March (OGJ, Mar. 27, 2000, p. 32). But ExxonMobil has stepped forward, claiming that the deal violates contracts and agreements dating back to 1964 that were signed by several Alaska North Slope operators.Essentially, ExxonMobil is arguing that the ARCO-Phillips deal violates ExxonMobil's right of first refusal on the acquisition. It has filed an injunction against ARCO, Phillips, and BP Amoco PLC, with whom ARCO is planning to merge following the Alaska divestiture.ExxonMobil released a statement saying: "Agr...

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