FTC Clears $1.7B Valero Buy Of Chevron's UK Refinery

Law360, Wilmington (May 20, 2011, 2:50 PM EDT) -- The Federal Trade Commission on Thursday cleared Valero Energy Corp.’s $1.7 billion acquisition of Chevron Corp.’s oil refinery in Wales, which will give the leading U.S. oil refining company control of the U.K.’s largest branded fuel dealer network.

The FTC announced it granted early termination of its review of the deal, which will hand Valero Chevron's Pembroke refinery and its marketing and logistics assets throughout the U.K. and Ireland for $730 million, plus an estimated $1 billion for working capital.

Included in the deal are ownership...
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