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Global: Fifteen years since launch of global mega-oil spree

By  |  August 12, 2013
Global: Fifteen years since launch of global mega-oil spree

August 11, last Sunday, marked the fifteenth anniversary of the mega-merger between BP and Amoco that launched a new era of major oil buyouts. BP first announced on August 11, 1998 it had entered into an agreement to acquire Amoco for a record $48 billion, launching BP Amoco into the number-three spot in the global oil market. The record sparked a new trend of such transactions, as just one year later Exxon broke BP’s record of the world’s largest industrial merger with Mobile, the $81 billion deal that led to ExxonMobile. And just two years later, Chevron and Texaco merged in a $45 billion deal. According to the Motley Fool, the oil buyout spree – which all began with BP’s deal – turned out about $285 billion worth of acquisitions in the industry for five major market players

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