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Showdown Likely Between Burnett, Doner
CHICAGO–In the U.S., the merger of British Petroleum and Amoco reunites two former pieces of the Standard Oil conglomerate, while setting the stage for a likely showdown between two Midwest agencies.
BP agreed to acquire Amoco for about $48 billion in stock and will assume about $5 billion in Amoco debt. The deal, creating a new company called BP Amoco, is expected to close by the end of the year.
That gives the merged company time to decide what to do with its two advertising agencies, something the individual companies said they have not yet considered.
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