BP, Amoco merger completed

The Associated Press

British Petroleum Co. and Amoco Corp. have completed their $53 billion merger.

The stock merger, announced Aug. 11, is among the largest in history. Chicago-based Amoco is the United States’ fifth-largest oil company with roughly 9,300 gasoline stations. London-based British Petroleum, the world’s third-largest oil company, sells its products through a network of about 17,900 stations.

In a joint statement, British Petroleum and Amoco said the merger was completed Dec. 31 after U.S. markets closed. Trading in the shares of the new group started Jan. 4.

The announcement came a day after the deal received regulatory approval from the U.S. Federal Trade Commission with some conditions.

The companies will sell 134 gasoline station and nine petroleum terminals to address antitrust concerns and have also agreed to give owners of more than 1,600 gasoline stations in 30 cities permission to end their contracts. (See related story in World Oil Scene section of this issue.)