Advertisement
YOU ARE HERE: LAT HomeCollections

California | IN BRIEF / Southland

FTC Seeks Information on Valero-Ultramar Deal

July 03, 2001|Bloomberg News

Valero Energy Corp., a top U.S. refining and marketing company, said the Federal Trade Commission requested more information on its proposed takeover of competitor Ultramar Diamond Shamrock Corp.

Since the company originally filed documents with the FTC on May 31, it said, it has been in contact with antitrust regulators, who are expected by many to take a close look at the merged company's refining business in California.

Valero's planned purchase of Ultramar for $4 billion in cash and stock would make it one of the biggest refining and marketing companies in the U.S., adding 2,500 retail stations and seven refineries.

Two of those refineries would be located in California, one in the southern part of the state and the other in the northern part. Regulators are concerned about high gasoline prices.

Valero said it still expects the deal to close in the fourth quarter.

Advertisement
Los Angeles Times Articles
|
|
|