FTC Closes Phillips-Tosco Investigation

The Federal Trade Commission today announced that it has formally closed its investigation into the proposed merger of Phillips Petroleum Corporation (Phillips) and Tosco Corporation (Tosco), announced by the companies on February 4, 2001. Both Phillips and Tosco have been formally notified of the Commission’s action, which allows the $ 7 billion transaction to proceed as proposed. The closing letters sent by the FTC to the parties have been posted on the Commission’s Web site, and are the only publicly available documents regarding this action.

The Commission vote to close the investigation was 5-0, with the commissioners issuing a joint statement that is available on the FTC’s Web site as a link to the electronic version of this press release.