Olympia - March 15, 2000 - Significant progress in settlement talks between the states and BP Amoco and Arco, have resulted in the postponement of the proceedings challenging the proposed merger of the two oil companies.
The state of Washington joined the Federal Trade Commission and the states of California and Oregon in requesting a stay to allow time to pursue settlement negotiations that were bolstered with constructive new proposals from the oil companies.
The trial, which had been set to begin on Monday in the Federal District Court in San Francisco, has been postponed indefinitely.
On April 1, 1999 BP announced its intention to buy ARCO for approximately $26.8 billion. Since then the FTC and the three states have been involved in extensive investigations and negotiations trying to reach an agreement.
Washington had moved to block the merger, partly out of concern for the state’s five refineries, which mainly use Alaskan crude oil.