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.
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