The investment banker has spent at least $500 million on its stake in the nation's third-largest oil company.
Texaco, the nation's third-largest oil company, plans to fight the court decisions.
The deal will make British Petroleum the world's third-largest oil company.
The combined entity would be the third-largest energy-delivery company in the country.
The agreement eases some of the pressure on Shell, the world's third-largest publicly held oil company.
The merger of the nation's second- and third-largest long-distance companies is the biggest corporate acquisition in history.
Commonwealth Edison is the nation's third-largest electric company and may have the largest regulatory problem.
Texaco, the nation's third-largest oil company, filed for court protection from its creditors last spring.
Chevron, the nation's third-largest oil company, with $34.5 billion in assets, did not discourage those views.
At the nation's third-largest electric company, the former White House chief of staff will face substantial regulatory problems.