FTC orders 7-Eleven, Marathon to divest over 200 retail fuel outlets By Reuters

FTC orders 7-Eleven, Marathon to divest over 200 retail fuel outlets By Reuters

© Reuters. FILE PHOTO: The logo of 7-Eleven is seen at a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai/File Photo/File Photo

By Jessica Resnick-Ault

(Reuters) – The U.S. Federal Trade Commission on Friday ordered 7-Eleven to sell over 200 retail outlets following its $21 billion acquisition of the Speedway fuel chain from Marathon Petroleum (NYSE:).

Marathon Petroleum, which owned the Speedway chain, and 7-Eleven, owned by Japan’s Seven & I Holdings Co Ltd, announced last month they had closed the $21 billion deal involving some 3,800 stores in 36 states.

Two top FTC officials had previously said the deal was potentially illegal, Reuters reported.

In a proposed consent order with the companies, the FTC said 7-Eleven and Marathon are required to divest 124 retail fuel outlets to Anabi Oil, 106 retail fuel outlets to Cross America Partners and 63 retail fuel outlets to Jacksons Food Stores.

Because the U.S. gasoline and diesel markets are highly localized, the complaint alleged that the acquisition will harm competition in 293 markets across 20 states.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a comment

Send a Comment

Your email address will not be published.

Enter text shown below: