Phillips-Conoco Deal Scrutinized

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Phillips-Conoco Deal Scrutinized

01/18/2002

HOUSTON -- Phillips Petroleum Co. said the U.S. Federal Trade Commission asked for additional information on its plan to buy Conoco Inc., which would create the largest oil refiner in the U.S.

In November, Phillips said it would pay about $15.2 billion in stock to acquire Conoco.

Analysts had said at the time that the FTC was likely to take a closer look at the two companies' refining and gasoline retailing operations, but was not likely to order major asset sales because there are no big overlaps in sensitive regions such as Chicago or the West Coast. In November, Phillips said it would pay about $15.2 billion in stock to acquire Conoco.

The combined entity would also be the third-largest U.S. and the sixth-largest investor-owned oil company.