BP Amoco signs deal with FTC, acquires ARCO

BP Amoco PLC and ARCO have completed a $27 billion merger after meeting the US Federal Trade Commission's demands for substantial divestitures.The acquisition followed a year of negotiations with FTC regarding how the companies' merger would affect competition in Alaska and on the US West Coast.In February, both sides took their dispute to court, but the companies later relented on several key points.FTC had claimed the merger would violate antitrust laws by lessening competition in Alaskan North Slope (ANS) oil exploration and production, the development of ANS gas reserves, ownership of the Trans-Alaska Pipeline System, delivery of oil to West Coast refiners, and pipeline transp...

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