Vastar Resources OKs Buyout by BP Amoco

BP Amoco’s plan to buy the 18% of Vastar Resources Inc. that it doesn’t own was approved by the natural-gas explorer’s board after BP sweetened the offer to $83 a share, or $1.47 billion. The bid values all of Vastar at $8.1 billion. BP had offered $71 a share on March 16. The sale still must win support from holders of at least two-thirds of the remaining 17.7 million Vastar shares. BP, based in London, acquired 82% of Vastar in last month’s $33.1-billion buyout of Atlantic Richfield Co. The minority investors will vote on BP’s buyout proposal at a meeting this summer. Vastar shares rose $1.34 to close at $81.09, while BP’s American depositary receipts fell 75 cents to close at $53.25, both on the NYSE.