Deal takes BP Amoco to No3

The Federal Trade Commission (FTC) in the US recently agreed the £17.3m takeover of Arco by BP Amoco.

Anti-trust representatives approved the deal after BP Amoco informed them that it would sell Arco's oil production assets to Philips Petroleum for £4.3bn.

The decision gives BP Amoco a market capitalisation approaching £124m, making it the third largest oil company in the world after Exxon Mobil and Royal Dutch/Shell group.

The company anticipates completion of the deal before May. The FTC intervened during the acquisition process, claiming that the deal could hinder competition on the US West Coast, leading to higher prices for consumers.