LOS ANGELES, Dec. 1, 1999 (PRIMEZONE) -- Reacting to unconfirmed reports that the Federal Trade Commission staff has recommended blocking the BP Amoco-ARCO merger, ARCO (NYSE:ARC) Chairman Mike R. Bowlin said, "Discussions with the FTC continue and we believe the FTC has not reached any conclusions."
Commenting further on the merger, "The merits of this transaction remain as strong today as ever. The competitive landscape in the West Coast gasoline market is not changed by this merger since there is no overlap in our operations or marketing. So in my opinion, there is no basis for an objection to the combination. Moreover, any suggestion that the combined company would control Alaska crude oil prices on the West Coast is not accurate since it is well known those prices are set in the world market.
"We are all interested in moving forward as swiftly as possible," Bowlin said. "Our shareholders, customers and employees do not deserve this type of twisting and turning that comes with whispered rumors through the news media."
ARCO and BP Amoco (NYSE:BPA) announced plans to merge on April 1 and have received shareholder approvals as well as approval from the European Union. ARCO and BP Amoco expect to finalize a previously announced agreement with the State of Alaska this week.