That was when Exxon bought Mobil for $80 billion and BP acquired Amoco for $48 billion.

British Petroleum P.L.C. announced today that it would acquire the American oil giant Amoco for $48.2 billion in stock in the largest oil industry merger ever.

Before that, BP had acquired Amoco, and Texaco and Shell had entered into a joint venture.

After BP acquired Amoco he assumed a similar position at BP.

A big local employer, British Petroleum, is acquiring Amoco, but it is moving its headquarters to Chicago, Amoco's home.

BP, by contrast, took part in the oil industry's huge rush to consolidate the last two years, acquiring Amoco and Arco in the United States.

August 11: British Petroleum announces that it will acquire Amoco for $48.2 billion in stock.

In the months leading up to the deal, Exxon announced its intent to buy Mobil, BP had acquired Amoco, and Texaco entered into a marketing venture with Shell.

Under pressure from years of low oil prices, British Petroleum acquired Amoco for $55 billion and is now trying to acquire ARCO.

People close to the two companies said executives had exchanged ideas for months, ever since British Petroleum announced its agreement to acquire Amoco.