News In Brief

By Robert Kilborn, Judy Nichols and Stephanie Cook

February 4, 2000

Arguing that the proposed merger of BP Amoco and Atlantic Richfield would dominate Alaska oil production and West Coast markets, the Federal Trade Commission voted 3 to 2 to seek an injunction against the deal as early as today. The merger, valued between $27 billion and $30 billion, would create the second-largest nongovernment oil company behind Exxon Mobil. BP Amoco, which is based in London, contended that the merger would produce efficiencies that would lead to $1 billion in savings worldwide.

Warner-Lambert Co. tentatively agreed to a sweetened $85 billion takeover offer from Pfizer Inc., in a deal that would create the world's No. 2 pharmaceutical maker, sources close to their negotiations said. Pfizer, best known for the drug Viagra, will offer 2.75 shares, worth about $99, for each share of Warner-Lambert - 10 percent more than under its original offer. The combined company would market a range of medicines and such consumer products as Certs mints and Schick razors.

Boeing Co.'s second-largest union rejected the aerospace giant's latest contract offer, but agreed to postpone a walkout and return to negotiations with a federal mediator Monday. Many members of the Society of Professional Engineering Employees in Aerospace object to Boeing's plan to reduce life-insurance benefits and alter health benefits.