FTC Clears Tesoro's $2B Deal For BP Refining Assets

Law360, New York (May 17, 2013, 5:22 PM EDT) -- Energy company Tesoro Corp. received a go-ahead Friday from U.S. antitrust regulators for its proposed purchase of BP PLC's Southern California refining and marketing operations, a deal worth more than $2 billion that includes the acquisition of the state's largest oil refinery.

The Federal Trade Commission said in a statement that it has decided to close its nine-month review of Tesoro's proposed transaction, after determining the deal would not substantially reduce competition.

The commission said it examined the transaction carefully, pointing to earlier decisions in the...
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