BP-Amoco execs get $75m shares

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The Independent Online
THE TWO top US executives in BP-Amoco will own shares worth $75m once the $48bn (pounds 29bn) merger goes through, according to the shareholders' circular issued last night.

BP and Amoco also disclosed that they had intended to have a dual listing in New York and London but were forced to drop the idea at the last minute after the US Securities and Exchange Commission refused permission.

Amoco's Larry Fuller, co-chairman of the merged group, will have shares worth $50m and his deputy, Bill Lowrie, $25m in shares. BP's John Browne, who becomes chief executive, will have shares worth pounds 3.5m and be eligible for a maximum pay packet of pounds 3m in 2002.