EU Clears Phillips Acquisition of Conoco

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EU Clears Phillips Acquisition of Conoco

03/06/2002
BRUSSELS -- Phillips Petroleum Co. won unqualified approval from the European Commission for its proposed $15.2 billion purchase of Conoco Inc.

"The operation will not produce anti-competitive effects in affected markets, in which the super-majors are leading participants," the Commission said in a statement.

In the United States, the Federal Trade Commission issued a "second request" last month seeking more information so it could do an in-depth investigation of the transaction.

Although the deal would create the world's number six publicly held company with a market value of more than $35 billion it will still be one quarter the size of Exxon Mobil Corp, Royal Dutch/Shell and BP Plc, according to Reuters.

The companies have said that the deal could lead to $750 million in annual cost savings and four percent annual growth in oil and gas production volumes.