BP to notify EC on Amoco merger next week
29 October 1998 11:45 [Source: ICIS news]
LONDON (CNI)--British Petroleum and Amoco are to notify the European Commission about their planned merger next week, providing additional requested information on the production of polyisobutylene, a BP spokesman confirmed Thursday.
"Given the Commission's need for further information on certain aspects, we will be re-filing notification in the course of next week. We do not expect this to delay our original timetable for completion of the merger," a BP spokesman said, adding that polyisobutylene was the only area on which the Commission had requested more information. The two companies are understood to be aiming for completion of the merger by the end of the year.
An Amoco spokesman added: "They require more information about our activities in the chemical sector, in particular polyisobutylene. They want to consider the possibility there may be some overlap."
A European Commission official confirmed that they had requested additional information but declined to elaborate. BP originally notified the Commission on 24 September. When BP/Amoco resubmits its application, a four-week investigation will begin, after which - if the application is correctly completed - the Commission will announce its decision.
The merged firm will be the world leader in polyisobutylene, with a 39% share of the market. It also boasts the number one position in acetic acid, with 20% of the world market, acrylonitrile (14%), aromatics, purified terephthalic acid (37%), paraxylene (13%) and oxygenated solvents (17%). The combined company will be in second place in polypropylene with 5% of world sales and in alpha olefins with 29% of the market.
By: Orla Ryan
+44 208 652 3214
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