BP Amoco, Arco May Clear Alaskan Hurdle

BP Amoco’s proposed purchase of Atlantic Richfield Co. may win tentative approval from Alaskan officials this month, a spokesman for Gov. Tony Knowles said. London-based BP Amoco has been in talks with state lawmakers since April, when it announced the $33-billion merger deal between Alaska’s two biggest oil producers. Any preliminary agreement with Alaskan officials will be reviewed by residents at a series of town hall meetings. Alaskan officials have said they may try to block the merger unless they win concessions from BP Amoco, such as a pledge to hire more state residents. If the public raises no significant objections, the state and the companies could take their case to the Federal Trade Commission by early November, a Knowles spokesman said. A BP Amoco spokesman said the companies are working “to conclude the negotiations as soon as possible.” Los Angeles-based Arco declined to comment. BP Amoco and Arco together control more than two-thirds of Alaska’s petroleum production and transport. On the New York Stock Exchange, BP Amoco’s American depositary receipts rose 44 cents to close at $54, while Arco rose 69 cents to close at $86.94.