BP Amoco's US$33b takeover of Arco gets official approval

London: BP Amoco, the world's third-largest publicly traded oil company, won United States antitrust approval for its US$33 billion Atlantic Richfield Co (Arco) takeover after agreeing to sell Arco's prized stakes in Alaskan oilfields. BP relented last month and agreed to transfer the holdings to Phillips Petroleum for US$7 billion, shedding Arco's biggest asset and losing the chance to combine the two companies' interests in Alaska. The Federal Trade Commission had sued to block the merger, alleging it could raise Alaskan oil prices.