Reuters: Regulatory News: UPDATE 1-US gives Tesoro green light to buy Chevron assets

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UPDATE 1-US gives Tesoro green light to buy Chevron assets Jun 17th 2013, 20:33 Tweet Share this Email Print Related Topics Stocks » Regulatory News » M&A » Markets » Mon Jun 17, 2013 4:33pm EDT WASHINGTON, June 17 (Reuters) - Oil refiner Tesoro Corp won approval from U.S. antitrust regulators to buy Northwest Products Pipeline system and related assets from Chevron Corp, on the condition it sells a petroleum terminal in Boise, Idaho. Tesoro struck a deal in December to buy the assets from Chevron for $400 million but lowered the price in May to $355 million after a renegotiation. As part of the deal, Tesoro bought the 760-mile pipeline, along with a series of terminals. The Federal Trade Commission said on Monday that with ownership of two of the three full service light products terminals the proposed transaction would have given the company too much power in the Boise market and therefore required the sale of one terminal. The FTC said it would allow Tesoro to close the transaction immediately, but sell the terminal within six months. In a separate transaction, Tesoro won antitrust approval in May to buy a BP refinery in southern California without being required to sell any assets. That transaction was worth $2.5 billion. Tesoro closed at $57.61 per share and Chevron at $121.22 on the New York Stock Exchange, each up 0.8 percent. Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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