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twitterArco merger decision delayed
Monday, Jan. 31, 2000 | 11:38 a.m.
BLOOMBERG NEWS
WASHINGTON -- BP Amoco Plc, seeking to revive settlement talks to win approval of its $35 billion purchase of Atlantic Richfield Co., is giving U.S. antitrust enforcers four extra days to review the transaction.
The company said it would extend until Feb. 7 the period for the U.S. Federal Trade Commission to decide whether to challenge the transaction. The company had triggered a 20-day deadline under the Hart-Scott-Rodino Act by saying it would proceed with the combination.
BP Amoco's announcement followed the FTC's postponement from today until Wednesday of a vote on whether to seek a court order to block the transaction.
The merger application is in dispute because of the recommendation of the FTC staff that the company sell all of Arco's production facilities in Alaska. FTC lawyers are concerned the combination will lead to higher gas prices on the West Coast.
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