BP Sweetens Standard Oil Offer

British Petroleum Co. and Standard Oil Co. announced agreement today on a sweetened offer from BP of cash and securities for the 45% of Standard Oil that it does not already own.

Under the new plan, British Petroleum will pay $71.50 in cash for each share of Standard Oil common stock, $1.50 more than the $70 it originally offered March 26. It also will issue warrants for BP stock on the basis of one for every five Standard Oil shares. The London-based oil giant also said shareholder class-action suits opposing BP’s intentions had been settled out of court on the basis of the revised offer.