ARCO, Union Texas to merge in $3.3 billion buyout of UTP - December 28, 1998

Providing coverage of Alaska and northern Canada's oil and gas industryDecember 1998

Vol. 3, No. 12

Week of December 28, 1998

ARCO, Union Texas to merge in $3.3 billion buyout of UTP

In Alaska, the merger will increase ARCO's 56 percent interest in the Alpine field to 78 percent and bring ARCO back into the eastern North Slope Kuvlum unit as a 20 percent owner

PNA Staff

ARCO and Union Texas Petroleum Holdings Inc. said May 4 that they have signed a definitive merger agreement which was unanimously approved by the boards of directors of both companies. Under the terms of the deal, ARCO will acquire for cash all outstanding shares of Union Texas common stock for $29 per share in a transaction valued at approximately $3.3 billion, including debt and preferred Union Texas stock. ...

The rest of this story is available from Petroleum News • Alaska by calling the circulation manager Dan Wilcox at 522-9469 for back issue copies. (May 1998)

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