-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NXTHJN7oVqh5AlE7hyvmj6m4NrpE9U0W9c1iCsvpjI9e2RBexyXLzet5FBxAmd+1 42C2+1l0uCb68JV3rd4G9A== 0000093397-98-000012.txt : 19980827 0000093397-98-000012.hdr.sgml : 19980827 ACCESSION NUMBER: 0000093397-98-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980812 ITEM INFORMATION: FILED AS OF DATE: 19980826 SROS: CSX SROS: NYSE SROS: PCX FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMOCO CORP CENTRAL INDEX KEY: 0000093397 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 363353184 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00170 FILM NUMBER: 98698076 BUSINESS ADDRESS: STREET 1: 200 E RANDOLPH DR STREET 2: MAIL CODE 3107A CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3128566111 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD OIL CO /IN/ DATE OF NAME CHANGE: 19850425 8-K 1 AMOCO CORP 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) August 12, 1998 AMOCO CORPORATION (Exact name of registrant as specified in its charter) Indiana 1-170-2 36-1812780 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 200 East Randolph Drive, Chicago, Illinois 60601 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (312) 856-6111 (No Change) (Former name or former address, if changed since last report). INFORMATION TO BE INCLUDED IN THE REPORT Item 5. Other Events Following the announcement of a merger between Amoco Corporation ("Amoco") and The British Petroleum Company p.l.c. ("BP"), representatives from Amoco and BP gave a presentation on the merger to the financial community and press in New York City on August 12, 1998 (the "Meeting"). The presentation slides and supplemental materials distributed to attendees are included as Exhibit 99 (a) and Exhibit 99 (b) to this Current Report on Form 8-K. Item 7. Financial Statements and Exhibits Exhibit 99 (a) Slides for presentation given at the Meeting. 99 (b) Supplemental materials distributed to attendees at the Meeting. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMOCO CORPORATION (Registrant) Date: August 26, 1998 A. J. NOCCHIERO A. J. Nocchiero Vice President and Controller (Duly Authorized and Chief Accounting Officer) EX-99 2 EXHIBIT 99 (A) Exhibit 99 (a) [BP LOGO] [AMOCO LOGO] PRESENTATION TO THE FINANCIAL COMMUNITY & PRESS LONDON & NEW YORK AUGUST 1998 The following statements, particularly those regarding synergies, performance, debt, costs, dividends, returns, share buy-backs, divestments, reserves and growth are or may be forward looking statements and actual results may differ materially from the statements made depending on a variety of factors, including successful integration of BP and Amoco. Additional information concerning factors that could cause the actual results to differ materially from those in the forward looking statements are contained in BP's Annual Report on Form 20-F and Amoco's Annual Report on Form 10-K filed with the US Securities and Exchange Commission. [BP LOGO] [Amoco LOGO] SCALE AND REACH [Graph containing the following data:] Reserves Market Capitalisation (bn boe) ($bn) BP + Amoco 15 119 Exxon 14 172 Shell 19 181 Amoco 6 38 Arco 4 23 BP 9 81 Chevron 6 53 Elf 3 37 ENI 5 54 Mobil 7 56 Texaco 4 32 ["boe" denotes barrels of oil equivalents.] INTENT - - Creation of a new global `super-major' - Top trio oil & gas reserves - Global R&M business - World class petrochemicals company - - Identified synergies of $2bn pre-tax p.a. - - Financial Strength - - Sustainable long term growth STRATEGIC FRAMEWORK - - Distinctive assets - - Organisational capability - - Global reach - - Strongly competitive returns DISCIPLINED FINANCIAL FRAMEWORK - - Prudent capital structure - 30% gearing ceiling - - Dividend policy - Payout 50% of underlying earnings KEY FEATURES - - Simple structure - UK holding company - - Accounting & Reporting - As a merger - Reporting in $ - - Global integration of management, assets, operations - - Value generation for shareholders - $2bn of pre-tax synergies by 2001 BOARD - - Two Co-Chairmen - - One CEO - - Two Deputy CEOs - - One CFO - - Majority of non-executives SENIOR MANAGEMENT CEO John Browne / / / EVP Chief of Staff --------/--------General Counsel Stephen Gates / Peter Bevan / / CFO ------------/-------EVP Policies & Technology John Buchanan / Chris Gibson-Smith / / / -------------------------------------- / \ / \ President & Deputy CEO President & Deputy CEO Rodney Chase Bill Lowrie E&P R&M and Chemicals / / / / / / / / / EVP Int'l Refining & Marketing Chemicals Dick Olver EVP Int'l Chairman Peter Backhouse Bryan Sanderson EVP New Business Richard Flury EVP USA President Douglas Ford Enrique Sosa EVP W Hemisphere Byron Grote MANAGEMENT - - London - Global headquarters - - Chicago - American headquarters - - Integrated team - - Global business streams - - Business Unit structure PEER GROUP 1997 BP Amoco Shell Exxon - ---------------------------------------------------------- Net Income* $bn 6.4 8 8.2 Production mmboe/d 2.9 3.7 2.7 Oil:Gas ratio 65:35 63:37 59:41 Reserves (bn bbls) 14.8 19.4 14.1 Refinery t'put mmb/d 2.6 4.3 4 Capital Employed ($bn) 53 73 56 Staff (000) 100 105 80 - ---------------------------------------------------------- *US GAAP ["mmboe/d" denotes millions of barrels of oil equivalents per day.] INCOME BY BUSINESS SECTOR [Bar Graph showing the following information, in $bn:] Chevron Mobil BP / Amoco Shell Exxon E&P 1.99 1.93 4.12 4.29 4.39 R&M 0.94 1.18 1.41 2.73 2.01 Chems 0.21 0.32 1.01 1.02 1.33 Other 0.04 0.00 0.00 0.00 0.42 Total 3.18 3.43 6.54 8.04 8.15 Source: 1997 Annual Reports and company estimates ["E&P" denotes exploration and production. "R&M" denotes refining and marketing.] INCOME BY REGION [Bar Graph showing the following information, in $bn:] Chevron Mobil BP / Amoco Shell Exxon USA 1.71 1.43 3.19 1.70 2.97 Europe 0.00 0.90 2.17 3.02 2.46 Rest of 1.47 1.10 1.21 3.34 2.73 World Total 3.18 3.43 6.57 8.06 8.16 Source: 1997 Annual Reports and company estimates UPSTREAM: BP AMOCO [Map of the world showing the locations of upstream operations of Amoco, BP and overlap between the two, as follows:] Amoco: 2 sites in North America 2 sites in South America 1 site in Africa 1 site in Middle East BP: 1 site in North America 1 site in South America 1 site in Europe 1 site in Middle East 1 site in Asia 1 site in Australia Overlap: 1 site in Caribbean 1 site in South America 1 site in Europe 2 sites in Africa 1 site in Asia UPSTREAM PRODUCTION [Bar graph containing the following information concerning upstream production, in mmboe/d:] Chevron Mobil Exxon BP Amoco Shell Oil 1.07 0.93 1.6 1.89 2.33 Gas 0.42 0.78 1.09 1 1.38 Total 1.49 1.71 2.69 2.89 3.71 ["mmboe/d" denotes millions of barrels of oil equivalents per day.] UPSTREAM: PERFORMANCE [Bar Graph showing the following information:] BP / Shell Exxon Mobil Chevron Amoco R:P ratio 14 14.3 13.9 11.2 11.4 Finding $/bbl 1.64 1.85 1.72 1.92 2.52 F&D $/bbl 4.19 2.88 4.61 6.81 4.59 Lifting $/bbl 3.05 3 2.9 n/a 3.8 ["R:P" denotes reserves:production. "F&D" denotes finding and developing.] US DOWNSTREAM: BP [Map of the US illustrating the market share of BP (as provided below) and BP's refineries in Toledo, Ohio and Alliance, Louisiana:] No. 1 or 2 Georgia Ohio No. 3-5 Indiana Kentucky Pennsylvania Tennessee North Carolina South Carolina Mississippi Alabama Below 5 Michigan West Virginia Virginia Arkansas Louisiana Florida US DOWNSTREAM: AMOCO [Map of the US illustrating the market share of Amoco (as provided below) and Amoco's refineries In Whiting, IN; Yorktown, VA; Texas City, TX; Mandan, ND; and Salt Lake City, UT:] No. 1 or 2 North Dakota South Dakota Minnesota Iowa Wisconsin Illinois Indiana Kansas Missouri North Carolina Georgia Florida No. 3-5 Idaho Nebraska Colorado Michigan New York Pennsylvania Connecticut Delaware New Jersey Maryland Virginia Tennessee South Carolina Below 5 West Virginia Arkansas Mississippi Utah Ohio Kentucky Alabama US DOWNSTREAM: BP AMOCO [Map of the US illustrating the market share of BP Amoco (as provided below) and BP Amoco's refineries In Toledo, OH; Whiting, IN; Yorktown, VA; Texas City, TX; Mandan, ND; Salt Lake City, UT; and Alliance, Louisiana:] No. 1 or 2 North Dakota South Dakota Minnesota Iowa Wisconsin Illinois Indiana Ohio Kansas Missouri Kentucky Tennessee Virginia North Carolina South Carolina Georgia Alabama Mississippi Florida No. 3-5 Idaho Nebraska Colorado Michigan New York Pennsylvania Connecticut Delaware New Jersey Maryland Below 5 West Virginia Arkansas Louisiana Utah GLOBAL DOWNSTREAM: BP AMOCO [Map of the world showing the locations of emerging markets and established markets of downstream operations for BP Amoco, as follows:] Emerging markets: 1 site in Central America 1 site in South America 1 site in Europe 3 sites in Asia Established markets: 1 site in North America 1 site in Europe 1 site in Africa 1 site in Southeast Asia 1 site in Australia 1 site in New Zealand [List indicating that International Businesses include Trading, Shipping, Marine and Aviation.] DOWNSTREAM: ROACE [Graph illustrating the following information, in %:] 1993 1994 1995 1996 1997 Minimum of 8.7 7.7 8.2 5.6 10.1 Competitors* Maximum of 12.9 10.9 9.3 8.9 13.2 Competitors* BP + Amoco 11.5 9.5 7.8 9.6 13 * Shell, Exxon & Mobil Source: 1997 Annual Reports and company estimates ["ROACE" denotes return on average capital employed.] CHEMICALS: BP AMOCO [Map of the world showing the locations of chemical operations of BP and Amoco as follows:] Amoco: 8 sites in North America 1 site in South America 1 site in Europe 3 sites in Asia 3 sites in Southeast Asia BP: 2 sites in North America 7 sites in Europe 2 sites in Asia 2 sites in Southeast Asia PETROCHEMICAL SCALE [Bar graph providing the following information:] 1997 Sales - Petchem segments $bn UCC 6.5 Dow 10.18 Exxon 12.2 BP / Amoco 12.8 BASF 13.42 Shell 14.27 Leading Positions & Proprietary Technologies: - Acetyls (1st) - Nitriles (1st) - PTA (1st) - Aromatics (1st) - PIB (1st) - Polypropylene (2nd) - Polyethylene - Solvents - --------------------------- - - Scale - - Integration - - Balanced portfolio - - High demand growth Chemicals: ROACE [Graph illustrating the following information, in %:] 1993 1994 1995 1996 1997 Minimum of -1.2 8.2 16.8 8.4 9.2 Competitors* Maximum of 6.9 13.9 29.6 16.1 17.4 Competitors* BP + Amoco 2.5 14.9 29.2 16 14.9 *Shell, Exxon & Mobil Source: 1997 Annual Reports and company estimates ["ROACE" denotes return on average capital employed.] SYNERGIES Annual Pre-Tax ($m) Cost Savings by 2001 -------------------- Organisational efficiency 1,000 Focussed exploration 300 Business process 200 Procurement 250 Operational rationalisation 250 ----- 2,000 DELIVERING SHAREHOLDER VALUE - - $2bn extra pretax income by 2001 - - Revenue synergies not included - - More upside after 2001 - - Management compensation linked to delivery TIMETABLE By end 1998 - - Regulatory approvals - - Shareholder approval - - Target final agreement SECTOR LEADING PERFORMANCE - - Strong base founded in US and Europe - - Blend of the best of two companies into a new super-major - - Momentum, capacity and confidence to deliver accelerated growth [BP LOGO] [Amoco LOGO] EX-99 3 EXHIBIT 99 (B) Exhibit 99 (b) August 11, 1998 - ------------------------------------------------------------------------- Supplemental Information [BP LOGO] [AMOCO LOGO] Highlights Transaction summary Transaction Overview - ---------------------------------- ------------------------------------- - - Merger of Amoco into a Transaction description newly formed BP first-tier - UK Holding Company Structure US subsidiary - Amoco shareholders exchange their shares in Amoco for ADRs - - Amoco shareholders receive representing shares in BP BP plc ordinary shares Accounting/reporting as ADRs - Accounted for as a merger under UK GAAP (or "pooling" - - Unified global management under US GAAP) team - BP to report in US dollars, under UK GAAP with - - US and UK GAAP results supplementary US GAAP information presented using merger provided accounting or on a Dividends "pooling of interest" basis - Dividends to be declared in dollars, with a sterling - - US dollar denominated group alternative to be financials and dividends offered to all UK shareholders of BP who require Sterling - - Transaction recommended by - Dividends to be distributed in both Boards the normal course of business up until closing - - Target closing: Listing/index December 31, 1998 - BP+Amoco remains in the FTSE 100 index - FTSE weighting expected to increase Approvals - Approvals by shareholders of BP and Amoco - Regulatory & tax authorities The Supermajors1 Reserves2 vs. Market Capitalisation3 [Graph containing the following data:] Oil/NGL/Gas Market Reserves Capitalisation (mm boe) ($ MM) The Supermajors BP + Amoco 14782 119242 Exxon 13812 171581 RD Shell Group 19036 180507 Amoco 5601 38265 Arco 4111 23043 BG Plc 824 25397 BP4 8666 80977 Chevron 6167 53346 Elf 3375 37061 ENI 4558 54153 Enron Corp. 741 18594 Marathon 1445 9968 Mobil 6931 56260 Occidental 1425 8724 Petrofina 848 9312 Phillips 2276 11715 Repsol 1037 16641 Total 4583 29518 Texaco 4308 31926 YPF 3073 10680 Source: annual report for BP and Amoco; Petrocompanies for the remainder; Datastream 1 Worldwide publicly traded companies included 2 Barrels of oil equivalent, excluding affiliates, 1997 data 3 As of July 24, 1998; on a combined basis for BP+Amoco 4 Includes associated undertaking (Abu Dhabi) ["boe" denotes barrels of oil equivalents.] Top three ranking1 - ------------------------------------------------------------------------ #2 Oil and gas #2 Oil and gas #3 Net refining production4 reserves2,4 capacity - ------------------------ ----------------------- ---------------------- 000 boe/d mm boe 000 barrels/day RD/Shell 3,662 RD/Shell 19,036 RD/Shell 4,463 BP+Amoco3 2,889 BP+Amoco3 14,782 Exxon 2,922 Exxon 2,656 Exxon 13,812 BP+Amoco 2,714 Mobil 1,686 Mobil 6,931 Mobil 2,283 Chevron 1,421 Chevron 6,167 Chevron 1,548 Texaco 1,196 Total 4,583 Texaco 1,546 Elf 1,013 ENI 4,558 ENI 955 ENI 961 Texaco 4,308 Elf 930 #2 SEC 10 5 #3 1997 net income ----------------------- ---------------------------- US $bn US $bn RD/Shell 44.8 Exxon 8.5 BP+Amoco 34.4 RD/Shell 7.8 Exxon 33.1 BP6+Amoco 6.4 ENI 19.4 Chevron 3.2 Mobil 17.8 Mobil 3.2 Chevron 15.0 ENI 3.0 Texaco 12.1 Texaco 2.7 Arco 11.2 Arco 2.0 Source: Annual Reports and Financial Supplements for BP and Amoco; Petrocompanies for the remainder 1 Worldwide publicly traded companies included 2 As at 31/12/97 3 Includes associated undertakings 4 One barrel of oil equivalent = 5,800 cubic feet of gas 5 Standardized measure of discounted future net cash flows relating to proved oil and gas reserves 6 US GAAP The merged company structure and management - ------------------------------------------------------------------------------ Structure Management - ---------------------------------- --------------------------------------- Amoco BP Co-Chairman --------Co-Chairman shareholders shareholders P. D. Sutherland | H. L. Fuller | \ / | ADR \ / Board of 22 members \ / 13 nominated by BP and 9 nominated by \ / Amoco \ / | \ / | Group Chief BP+Amoco plc Executive Sir John Browne / \ | / \ | / \ Group chief | / \ Financial Officer -| / \ J. G. S. Buchanan | | Amoco Corp BPsubs | ------------|---------- | | Deputy CEO/ Deputy CEO/ Co-President Co-President R.F. Chase W.G. Lowrie Value creation - ------------------------------------------------------------------- Annual pre-tax cost savings by 2001 (US $MM) Delivering shareholder value - ----------------------------------- ---------------------------- Organisational efficiency 1,000 - $2bn pretax income boosted by end 2000 Focused exploration 300 - Revenue synergies not included Business process 200 - More upside after 2001 Procurement 250 - Management compensation linked to delivery Operational rationalisation 250 _______ 2,000 Upstream operations - --------------------------------------------------------------------- BP+Amoco reserves (million barrels of oil equivalent) - --------------------------------------------------------------------- By product 1993 1994 1995 1996 1997 1997% - ---------------------------------------------------------------------- Oil 8,760 8,743 8,899 9,194 9,272 63% Gas 4,808 4,960 5,092 5,233 5,510 37% Total 13,568 13,703 13,991 14,427 14,782 - ---------------------------------------------------------------------- By region 1993 1994 1995 1996 1997 1997% - ---------------------------------------------------------------------- US 6,330 6,328 6,306 6,158 6,044 41% Europe 2,877 2,897 2,928 2,946 2,876 19% Rest of world1 4,361 4,478 4,757 5,323 5,862 40% Total 13,568 13,703 13,991 14,427 14,782 BP+Amoco production (000 barrels of oil equivalent per day) - --------------------------------------------------------------------- By product 1993 1994 1995 1996 1997 1997% - --------------------------------------------------------------------- Oil 1,920 1,933 1,873 1,903 1,888 65% Gas 911 947 946 1,020 1,001 35% Total 2,831 2,880 2,819 2,923 2,889 - ------------------------------ -------------------------------------- By region 1993 1994 1995 1996 1997 1997% - --------------------------------------------------------------------- US 1,369 1,344 1,301 1,315 1,252 43% Europe 702 790 748 799 831 29% Rest of world1 759 746 770 809 806 28% Total 2,831 2,880 2,819 2,923 2,889 Highlights - - OECD core in: the North Sea, the North American gas business, and Alaska where the new group will be the leading producer in each area, with the profitability, infrastructure, and resource base to sustain itself for the foreseeable future - - Enhanced scale and competitive advantage in emerging areas in Caspian, Gulf of Mexico, Angola, Venezuela and Norway - - Portfolio of gas plays in emerging markets in Trinidad, the Southern Cone of South America, in northern European the Greater Mediterranean, and the Far East - - Access/Options/Relationships in: Russia, and the Middle East Source: Annual Reports and Financial Supplements Note: one barrel of crude oil = 5,800 cubic feet of gas 1 Includes BP's associated undertaking in Abu Dhabi Downstream operations - ---------------------------------------------------------------- BP+Amoco downstream volumes and share - ---------------------------------------------------------------- Downstream volumes worldwide (000 boe/day) 1993 1994 1995 1996 1997 - ---------------------------------------------------------------- Gasolines 1,277 1,245 1,270 1,253 1,312 Distillates1 1,250 1,193 1,189 1,179 1,200 Other2 622 627 645 637 734 Total 3,149 3,065 3,104 3,069 3,246 - ----------------------------------------------------------------- Highlights - - Largest gasoline retail share in the US east of the Rockies (excluding Texas) - - #1 or #2 in 20 out of 35 States in which it operates - - #2 for the whole US (Shell/Texaco strong on West Coast) - - Refining portfolio in 1st or 2nd quartile for performance - - Top tier with respect to sale of premium gasolines (Amoco 32% vs. BP 20%) Estimated 1996 market share of retail fuel US gasoline retail share4,7 sales in OECD Europe5 - --------------------------- ---------------------- BP+Amoco 14% Shell 12% Shell-Texaco 13% Exxon 10% Exxon 7% BP/Mobil 10% Mobil 7% Agip 7% Marathon/Ashland 7% Elf6 6% Citgo 7% Repsol 5% Others 45% Aral 5% Others 45% Total 100% Total 100% BP+Amoco refining capacity3 - --------------------------------------------- Net capacity3 Country (000 boe/day) - ------------------------ ---------------- US 1,420 UK 270 Australia 212 France 207 Netherlands 182 Germany 102 South Africa 83 Singapore 75 Spain 75 Turkey 48 New Zealand 28 Kenya 12 - -------------------------------------------- Total 2,714 Source: Annual Reports and Financial Supplements 1 Includes aviation fuels 2 Includes fuel oil 3 Crude distillation rated capacity 4 Source: Lundberg 5 Source: Wood Mackenzie, April 1998 6 Includes 100% of Cepsa 7 Excluding Pacific Coast, S.W. States, and Texas Chemicals operations Chemicals ranking Company 1997 sales (US$ bn) - ----------------------------------------- Royal Dutch/Shell 14.3 BASF 13.4 BP+Amoco1 12.8 Exxon 12.2 Dow 10.2 - ----------------------------------------- Other Oil Companies 1997 sales (US$ bn) - ----------------------------------------- ENI 5.7 ARCO 3.7 Phillips 3.5 Chevron 3.5 Mobil 3.0 - ----------------------------------------- Global market position Leading technology - --------------------------------------------------- #1 Acetic acid free market - Acetic acid and VAM2 #1 Acrylonitrile - Acrylonitrile #1 Aromatics - Polyethylene #1 PTA3 - PTA #1 PIB4 - Solvents #2 Polypropylene - Alpha-Olefins - ---------------------------------------------------- Source: Annual Reports and Financial Supplements 1 Includes joint venture sales 2 Vinyl acetate 3 Purified terephthalic acid 4 Polybutene Major chemical site locations Site Country Main products - ----------------------------------------------------------------- Lima US Acrylonitrile Green Lake US Acrylonitrile Texas City US Acetic acid, Solvents Whiting US Polymers Joliet US Industrial Chemicals Decatur US Paraxylene/PTA Cooper River US PTA Pasadena Dear Park US Alpha-olefins Chocolate Bayou US Olefins Polypropylene Texas City US Styrene, Paraxylene Cedar Bayou US Polypropylene Cosoleacaque Mexico PTA Sao Paulo Brazil PTA Baglan Bay UK Solvents, Styrene, Grangemouth UK Polymers, Olefins, Solvents - ----------------------------------------------------------------- Site Country Main products - ----------------------------------------------------------------- Hull UK Acetic acid, Solvents Wilton UK Polymers and Olefins Feluy Belgium Alpha-olefins Geel Belgium PTA, Polypropylene Lavera France Polymers, Olefins, Solvents Gonfrevile France Polypropylene Wingles France Styrenics Dormagen Germany Polymers, Olefins Marl Germany Styrenics Merak Indonesia Polymers, PTA Kertih Malaysia Polymers, Olefins Singapore Singapore Paraxylene, Electronic materials Kuantan Malaysia PTA Ulsan South Korea PTA, Acetic acid, solvents Kaohsiung Taiwan PTA Source: Annual Reports and Financial Supplements Timetable By end 1998: - - Regulatory approvals - - Shareholder approval - - Target for final agreement -----END PRIVACY-ENHANCED MESSAGE-----