The Federal Communications Commission approved the transfer...

The Federal Communications Commission approved the transfer of control of Viacom International from its shareholders to a National Amusements unit . . . Dutch electronics giant N.V. Philips raised $500 million in an international stock offering that market analysts saw partly as a move to boost its presence in the United States . . . British Petroleum has won its six-week bid for complete control of Standard Oil. BP now owns 95% of Standard and intends to merge the Cleveland-based group with its other U.S. interests . . . About $785 million of debt of Equitable Life Leasing Corp. was placed on Standard & Poor’s CreditWatch after the announcement of Lomas & Nettleton Financial Corp.’s definitive agreement to acquire the firm.