LOS ANGELES, July 15, 1999 (PRIMEZONE) -- The Atlantic Richfield Company (ARCO) (NYSE:ARC) and BP Amoco p.l.c. announced today that they have arranged shareholder meetings to consider their proposed combination. ARCO's special meeting will be held on Monday, August 30, 1999 in Los Angeles while BP Amoco's Extraordinary General Meeting will take place on Wednesday, September 1, 1999 in London.
Meeting notices and voting materials are currently being mailed to shareholders following 'sign off' by the London Stock Exchange of the Circular being sent to BP Amoco shareholders and filing with the US Securities & Exchange Commission of the Proxy Statement/Prospectus that ARCO shareholders will receive.
In a joint statement, BP Amoco and ARCO said: "This marks a major step in our timetable and keeps us on track in our aim to close the deal later this year."
Notes to Editors:
-- BP Amoco and ARCO announced on April 1, 1999 that they
had agreed to a combination which will create the
world's largest non-state-owned oil producer and
be providing annual pre-tax cost synergies of $1
billion during the second full year of combined
operations.
-- The all-share transaction will involve the exchange of
0.82 BP Amoco American Depositary Shares (ADS) - or
1.64 BP Amoco ADS, if BP Amoco's proposed share split
has been concluded - or at the election of the ARCO
shareholder, the corresponding number of BP Amoco
ordinary shares, for each ARCO share.
-- The record date for ARCO shareholders is July 9, 1999.
All shareholders as of July 9, 1999, will receive
the proxy mailing.
-- The transaction is also subject to approval by various
regulatory agencies, including the European Commission
and the US Federal Trade Commission.
ARCO shareholders may call toll free (800) 488-8035 if they have questions about the Combination.
For a complete listing of news releases and investor information, please visit our website at http://www.arco.com.