Conoco and Phillips Receive European and Canadian Clearance

Conoco announced that the European Commission has completed its investigation of Conoco's proposed merger with Phillips. The Commission determined that the proposed merger did not raise any competition concerns, and therefore cleared the merger without any undertakings.

Conoco also announced that the Canadian Commissioner of Competition issued an Advance Ruling Certificate on Feb. 12, thereby clearing the merger as proposed.

As previously announced, the merger is expected to close in the second half of 2002, pending expiration of the waiting period under the U.S. Hart-Scott-Rodino Act, a favorable vote by both Conoco and Phillips shareholders, and other customary closing conditions.