The merger of British Petroleum Co. PLC and Amoco Corp., announced today, could result in the consolidation of $23 billion in pension management to BP's headquarters in London.
The merged company, to be called BP Amoco PLC, would have more than $23 billion in pension assets. British Petroleum Co., London, had $15.6 billion in pension assets worldwide at year-end, according to the forthcoming P&I/InterSec World 300 report, while Amoco had about $7.7 billion under management as of last Sept. 30.
Dan Dietsch, an Amoco spokesman, said that with the corporate headquarters moving to London, pension management also would be moved there, but final decisions had not been made.
BP America, Cleveland, managed about $2.7 billion in retirement assets, according to the 1998 MMD.
Neither Marvin Damsma, director-trust investments for Amoco, nor Howard Harpster, director-pension investments for BP America, could be reached for comment.