Chile Orders Copec To Shed Local Terpel Unit

Law360, New York (May 27, 2011, 7:04 PM EDT) -- Chile's antitrust court ruled Thursday that energy company Copec SA must sell the local assets of Organizacion Terpel SA, a Colombia-based oil and gas company recently taken over by Copec.

Copec acquired a controlling stake in Terpel for about $240 million in 2010, but Chile's Competition Tribunal, known as the TDLC, concluded Thursday that the company would have to shed Terpel's Chilean unit under the country's antitrust laws. Both companies own a considerable number of gas stations in Chile.

Under the terms of the court's ruling,...
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