LOS ANGELES, Nov. 5, 1999 (PRIMEZONE) -- ARCO (NYSE:ARC) Chairman and Chief Executive Officer Mike R. Bowlin today called the agreement reached with the State of Alaska a major positive development in the review process leading to completion of the ARCO merger with BP Amoco.
Bowlin said both companies are working to close the transaction later this year, and the Alaska agreement paves the way for continued discussions with the Federal Trade Commission as well as with representative from the key western states.
"We expect that this agreement will win broad endorsement with the citizens of Alaska as people become acquainted with the terms and provisions," Bowlin said.
ARCO and BP Amoco announced their proposed combination on April 1, 1999. Shareholders of the two companies have approved the merger and in late September the European Union announced approval of the combination pending some North Sea asset sales.