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SAN ANTONIO, Texas — Tesoro Corp. and Western Refining Inc. are days away from sealing their pending merger.
On May 25, the two companies announced the waiting period for Tesoro's $4.1-billion acquisition of Western Refining under the Hart Scott Rodino Act has expired. That was the final piece to fall into place, setting up a June 1 closing date.
Tesoro and Western Refining Inc. signed a definitive merger agreement on Nov. 17 — a move that will make Tesoro a 3,000-plus station operation. Stockholders of both companies approved the deal in separate votes on March 24.
The total deal is valued at $6.4 billion and includes the assumption of approximately $1.7 billion of Western Refining's net debt and the $605-million market value of non-controlling interest in Western Refining Logistics LP.
San Antonio-based Tesoro is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States and has ownership in a logistics business. Its retail-marketing system includes more than 2,500 retail stations under the ARCO, Shell, Exxon, Mobil, USA Gasoline, Rebel, and Tesoro brands.
El Paso-based Western Refining is an independent refining and marketing company that operates refineries in El Paso, Gallup, New Mexico and St. Paul Park, Minnesota. Its retail operations include retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas, and Wisconsin, operating primarily through the Giant, Howdy's, and SuperAmerica brands.
Western Refining also owns the general partner and approximately 53 percent of the limited partnership interest of Western Refining Logistics.