Phillips gets European, Canadian clearance for Conoco merger

Petroleum News Alaska Staff

Phillips Petroleum Co. said March 6 that the European Commission has completed its investigation of Phillips’ proposed merger with Conoco Inc. Phillips said the commission cleared the merger after determining that it did not raise any competition concerns.

Phillips also said the Canadian Commissioner of Competition issued an Advance Ruling Certificate on Feb. 12 clearing the merger as proposed.

As previously announced, the merger is expected to close in the second half of 2002, pending expiration of the waiting period under the U.S. Hart-Scott-Rodino Act, a favorable vote by both Phillips and Conoco shareholders, and other customary closing conditions.