EC Approval for Purchase of Burmah Castrol

BP Amoco PLC 19 May 2000 BP AMOCO GETS GO-AHEAD FOR PURCHASE OF BURMAH CASTROL BP Amoco announced today that it has received unconditional regulatory clearance from the European Commission's Merger Task Force for its proposed acquisition of Burmah Castrol PLC. This EC approval - together with that of the US Federal Trade Commission given on April 6, 2000 - satisfies the pre-conditions to the making of the recommended cash offer. The offer documents will therefore be posted to Burmah Castrol shareholders shortly. 'Receiving such prompt approval from the European Commission means that we will be able to move towards completing the deal early in the third quarter of this year, ' said BP Amoco chief Sir John Browne. 'We will therefore be well placed to start delivering our growth and savings targets by the end of the year.' BP Amoco's recommended cash offer of £16.75 per share for Burmah Castrol, announced in March 2000, values Burmah Castrol at approximately £3 billion ($4.7 billion). Once the acquisition is complete, Castrol will become BP Amoco's leading lubricants brand with the company's new lubricants division run by a management team drawn from both companies and based at the Swindon offices of Burmah Castrol.

Companies

BP (BP.)
UK 100

Latest directors dealings