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US: Tesoro, BP deal no longer under FTC watch

By  |  May 20, 2013
US: Tesoro, BP deal no longer under FTC watch

The Federal Trade Commission has announced it has closed an investigation into a deal made between Tesoro and BP after nine months. Tesoro Corporation bought out a BP refinery and its marketing assets in southern California; the FTC released a report stating that there were not substantial competition concerns over the acquisition. Specifically, the FTC notes seven major competitors on the West Coast in addition to declining demand for California-grade gasoline as reason to believe competition will not be lessened. According to reports, the FTC voted 3-0 to end the investigation; Commissioner Joshua D. Wright recused.

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