ATC Atlantic Coal

RNS No 7997u
BP AMOCO PLC
1 September 1999


BP AMOCO SHAREHOLDERS APPROVE COMBINATION WITH ARCO

BP Amoco shareholders today gave overwhelming approval to the company's
proposal to combine with Atlantic Richfield Company (ARCO). Over 800
shareholders who attended an Extraordinary General Meeting (EGM) at the Royal
Festival Hall in London, voted conclusively to approve the combination. 

In addition, BP Amoco Co-Chairman Peter Sutherland disclosed that proxy votes
representing 5,851,637,483 shares backing the combination had already been
received, compared with 27,933,423 against and 9,730,625 abstentions -- a
majority in favour of 99.3 per cent. 

More than 60 per cent of the shares in issue were voted. BP required a simple
majority of the votes cast to be in favour in order to secure shareholder
approval. Overwhelming majorities in favour were also recorded for other
resolutions considered at today's meeting, including a split of BP Amoco
shares which will have the effect of doubling the shares in issue. 

Sutherland said the voting indicated "overwhelming shareholder support for the
ARCO combination". Noting that "since the beginning of 1994 we have added some
$75 million a day to the value of the company", he said the share split was
"designed to bring our share price more into line with our principal
competitors in the UK and the US and hopefully to make our shares more
attractive to shareholders both here and in the US".

BP Amoco chief executive Sir John Browne said: "Today's conclusive endorsement
by our shareholders is a crucial step in our progress towards closing the
transaction. Our discussions with the various regulatory authorities are also
moving constructively ahead and our integration plan is ready to be
implemented. All of this gives us great confidence that we can meet our target
to complete the deal before the end of the year."

ARCO's shareholders also overwhelmingly supported the transaction at a special
shareholder meeting on August 30, with 97.36 per cent of the votes cast in
favour in a turnout of some 75 per cent. 

END

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