Aloha Petroleum Plans to Fight FTC
HONOLULU -- Aloha Petroleum Ltd. says it plans to fight anticipated opposition from the Federal Trade Commission regarding its purchase of 18 Mahalo gas stations and part of a terminal, according to Pacific Business News.
Aloha Petroleum negotiated a deal to buy the gas stations and convenience store sites from Trustreet Properties Inc. of Florida (formerly known as U. S. Restaurant Properties, Inc.) this June.
Both parties delayed the closing to July 29 or until they heard from the Federal Trade Commission.
According to the report, the FTC hasn't made a formal statement yet and won't comment on pending transaction, said Mitch Katz, a spokesman for the commission.
But Aloha Petroleum says it heard the commission intends to seek a temporary restraining order from the U.S. District Court in Hawaii.
"Aloha Petroleum will contest the decision because we believe Oahu motorists will benefit from the opportunity to purchase Aloha's competitively priced gasoline at a greater number of locations," said Bob Maynard, Aloha Petroleum's president and CEO. "This is exactly what our purchase of Mahalo would do."
Aloha operates 60 stations on Oahu and the Big Island, and the purchase of Mahalo stations would expand its presence on Oahu.
As part of the sale, Aloha will become the sole proprietor and operator of a fuel-storage terminal in Campbell Industrial Park on Oahu. At present, Aloha and Trustreet jointly own the terminal. Aloha also is the exclusive distributor of Citgo lubricants in Hawaii.
Mahalo entered the Hawaii market in 2000. U.S. Restaurant Properties of Dallas merged with CNL Restaurant Properties in February this year to create Trustreet Properties Inc. Trustreet is the leading provider of triple-net lease financing to the U.S. restaurant industry and is a publicly traded real-estate investment trust.
Aloha Petroleum negotiated a deal to buy the gas stations and convenience store sites from Trustreet Properties Inc. of Florida (formerly known as U. S. Restaurant Properties, Inc.) this June.
Both parties delayed the closing to July 29 or until they heard from the Federal Trade Commission.
According to the report, the FTC hasn't made a formal statement yet and won't comment on pending transaction, said Mitch Katz, a spokesman for the commission.
But Aloha Petroleum says it heard the commission intends to seek a temporary restraining order from the U.S. District Court in Hawaii.
"Aloha Petroleum will contest the decision because we believe Oahu motorists will benefit from the opportunity to purchase Aloha's competitively priced gasoline at a greater number of locations," said Bob Maynard, Aloha Petroleum's president and CEO. "This is exactly what our purchase of Mahalo would do."
Aloha operates 60 stations on Oahu and the Big Island, and the purchase of Mahalo stations would expand its presence on Oahu.
As part of the sale, Aloha will become the sole proprietor and operator of a fuel-storage terminal in Campbell Industrial Park on Oahu. At present, Aloha and Trustreet jointly own the terminal. Aloha also is the exclusive distributor of Citgo lubricants in Hawaii.
Mahalo entered the Hawaii market in 2000. U.S. Restaurant Properties of Dallas merged with CNL Restaurant Properties in February this year to create Trustreet Properties Inc. Trustreet is the leading provider of triple-net lease financing to the U.S. restaurant industry and is a publicly traded real-estate investment trust.