Effort to stop Conoco, Phillips merger
Thursday, August 22nd 2002, 12:00 am
By: News On 6
(Tulsa, Oklahoma-AP) -- A federal judge in Tulsa, Oklahoma, is hearing a London-based company's request to temporarily halt the proposed merger of Phillips Petroleum and Conoco.
An attorney for Transeuro Amertrans today argued that Bartlesville, Oklahoma,-based Phillips' acquisition of Houston-based Conoco will stifle competition and cause higher gas prices.
The moving company says it's learned the merger will get federal approval this week, before its lawsuit can be heard.
So it wants U-S Judge Sven Erik Holmes to stop the merger until a full hearing is held.
The merger announced in November would create ConocoPhillips, the nation's third largest oil company and largest gasoline retailer.
Headquarters will be in Houston.
The merger is still pending approval from federal regulators but is expected to be completed this quarter.