Chevron Deal Falls Apart Due To FTC Worries

Law360, New York (November 20, 2006, 12:00 AM EST) -- Chevron Corp. on Friday reneged on an agreement to buy 122 California gas stations from USA Petroleum Corp. amid antitrust concerns that it would lead to higher prices at the pump.

A Chevron spokeswoman said simply that it was a “business decision.” But USA Petroleum, an independent gas retailer based in Thousand Oaks, Calif., said the deal fell apart due to resistance from government regulators.

“The transaction had a clause in it that allowed either party to withdraw based on whatever they got from the Federal...
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