Arguing that the proposed merger of BP Amoco and Atlantic Richfield would dominate Alaska oil production and West Coast markets, the Federal Trade Commission voted 3 to 2 to seek an injunction against the deal as early as today. The merger, valued between $27 billion and $30 billion, would create the second-largest nongovernment oil company behind Exxon Mobil. BP Amoco, which is based in London, contended that the merger would produce efficiencies that would lead to $1 billion in savings worldwide.
Warner-Lambert Co. tentatively agreed to a sweetened $85 billion takeover offer from Pfizer Inc., in a deal that would create the world's No. 2 pharmaceutical maker, sources close to their negotiations said. Pfizer, best known for the drug Viagra, will offer 2.75 shares, worth about $99, for each share of Warner-Lambert - 10 percent more than under its original offer. The combined company would market a range of medicines and such consumer products as Certs mints and Schick razors.
Boeing Co.'s second-largest union rejected the aerospace giant's latest contract offer, but agreed to postpone a walkout and return to negotiations with a federal mediator Monday. Many members of the Society of Professional Engineering Employees in Aerospace object to Boeing's plan to reduce life-insurance benefits and alter health benefits.
(c) Copyright 2000. The Christian Science Publishing Society