TSO - Tesoro Gets Antitrust OK To Buy Calif Sites From USA Pete
26 minutes ago - Dow Jones News
DOW JONES NEWSWIRES Tesoro Corp. (TSO) has received antitrust clearance from the U.S. Federal Trade Commission to buy 140 USA Petroleum retail sites located primarily in California, a terminal located in New Mexico and select sites in other states.
The FTC said Tuesday that it granted early termination on Monday of the waiting period required under the Hart-Scott-Rodino antitrust law.
Tesoro said in a press release on Jan. 29 that the purchase price of the assets and the USA brand is $277 million, plus the value of inventory at the time of closing, which is currently estimated to be $10 million - $15 million. Of the 140 retail sites, 125 use the USA brand and 15 use other major brands.
The Hart-Scott-Rodino law requires under certain circumstances that prospective acquirers of voting securities or assets apply for clearance from regulators. Requests for early termination or clearance are granted when the FTC and the Justice Department's antitrust division have decided against taking enforcement action during the waiting period.
San Antonio-based Tesoro is an independent refiner and marketer of petroleum products. The company operates six refineries in the western U.S., with a combined crude oil throughput capacity of 560,000 barrels a day.
-Ingrid Pedrick Lehrfeld, Dow Jones Newswires; 202-862-1361
