LOS ANGELES, Dec. 2, 1999 (PRIMEZONE) -- ARCO (NYSE:ARC) Chairman and Chief Executive Officer Mike R. Bowlin today called the Alaska Charter Agreement a positive step.
"BP Amoco and Governor Knowles and his team worked hard to build an agreement good for Alaskans and good for the new company," said Bowlin. "Alaska is an important part of the overall regulatory review process, and we are heartened by today's signing. This is a very positive development for the combination."
Bowlin added that with the Alaska agreement in place, the two companies and the Federal Trade Commission can move forward with constructive discussions.
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 assets sales.