Current Account is always a bit bemused when it comes to "mergers" that are really takeovers, by any realistic definition of the term, and the Amoco-BP deal is a perfect example of a merger masquerading as a takeover.
While everybody concerned seemed keen to suggest that this was a marriage of equals, it is perfectly clear that BP is taking over the American oil company in every way that matters, not least having 60 per cent of the equity.
Peter Sutherland and Larry Fuller might be co-chairmen of the combined BP/Amoco, but come 2000 when Mr Fuller resigns, Mr Sutherland will take over as sole chairman of the Anglo-American oil company.
BP chief executive, Sir John Browne, is the unopposed chief executive of Amoco/BP while six of the eight key management positions will be held by BP men. In addition, the head office will be in London - a clear sign, if any further were needed, of where the centre of power will be.
Amoco shareholders, however, seem to be getting the best of the share-swap arrangement, judging by the reaction to the market where Amoco shares went ballistic, while BP shares fell back heavily after rising 15 per cent after the announcement.