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    Conoco, Phillips shareholders approve merger of equals

    March 13, 2002
    The merger between Conoco Inc. and Phillips Petroleum Co., proposed late last year, was approved Tuesday by both sets of company shareholders. The merger is expected to be completed by the second half of this year.


    By the OGJ Online Staff
    HOUSTON, Mar. 13 -- The merger between Conoco Inc. and Phillips Petroleum Co., proposed late last year (OGJ, Nov. 26, 2001, p. 26), was approved Tuesday by both sets of company shareholders. The merger is expected to be completed by the second half of this year.

    Conoco shareholders voted 96% in favor of the deal, while Phillips shareholders voted 97% in favor.

    The combined firm, which will be called ConocoPhillips, hopes to achieve recurring cost savings of at least $750 million/year within the first full year after completion of the deal, the companies said.

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