EU to investigate BP's Arco deal

THE EUROPEAN Commission announced yesterday that it had launched a detailed investigation into the proposed acquisition by Anglo-American oil group BP Amoco of Atlantic Richfield of the US.

The Commission said that the move - the second full inquiry into an oil merger in as many days - was dictated by concerns that a small group of companies could control oil exploration globally, and because of the combined strength of BP Amoco and Atlantic Richfield in North Sea gas.