Phillips, Tosco file federal paperwork for merger

Phillips Petroleum Co, and Tosco Corp, said Wednesday they have filed notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with Phillips' pending acquisition of Tosco. Shareholders of both companies are scheduled to vote Apr. 11 on the proposed acquisition.


By the OGJ Online Staff


HOUSTON, Mar. 14
�Phillips Petroleum Co, and Tosco Corp, said Wednesday they have filed notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with Phillips' pending acquisition of Tosco.

The Mar. 9 filings initiated the 30-day waiting period called for under Hart-Scott-Rodino. Unless the Department of Justice or Federal Trade Commission request additional information from the companies, the waiting period will expire at 11:59 p.m. EST on Apr. 9.

The companies announced Feb. 4 that Phillips would acquire Tosco in a $7 billion stock transaction (OGJ Online, Feb. 5, 2001).

Under the agreement, Phillips will issue 0.8 Phillips shares for each Tosco share and will also assume $2 billion of Tosco's debt. Closing is subject to customary regulatory reviews and the approval of both companies' shareholders.

Shareholders of both companies are scheduled to vote Apr. 11 on the proposed acquisition.

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