Oxy’s takeover of Midcon neared final approval.
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Midcon agreed to sell a pipeline unit to meet a Federal Trade Commission directive for its acquisition by Occidental Petroleum to go forward. The agreement to sell Mississippi River Transmission to Arkla Inc. of Little Rock, Ark., for $305 million cleared the way for special shareholder meetings March 27. Shareholders of Los Angeles-based Occidental and of Midcon, a Chicago gas pipeline firm, will vote on a $3-billion merger deal announced Jan. 1.
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