FTC wants more on Phillips-Conoco merger; analysts say TotalFinaElf spoiled bid unlikely

Petroleum News Alaska Staff

Phillips Petroleum Co. said Jan. 17 that it has received a request from the Federal Trade Commission for additional information and documentary material regarding is proposed merger with Conoco Inc.

Phillips said it is continuing to work closely with FTC staff.

The merger is expected to close in the second half of 2002, pending regulatory and stockholder approval.

A report in a British newspaper that TotalFinaElf SA is looking at making a spoiler bid for Conoco has been scoffed at by analysts, who see such a move as prohibitively costly and a poor fit for TotalFinaElf strategically and culturally.