Phillips/Conoco Merger Deal Close to Approval
The Salt Lake Tribune reports that Phillips Petroleum is preparing to sell its Woods Cross oil refinery and 22 company-owned retail stores in Utah to help it gain approval from the Federal Trade Commission for its proposed merger with Conoco. If the FTC approves, the merger of the two companies will create the nation’s third-largest oil company. Timothy Muris, chairman of the FTC indicated last week that the commission is close to completing its review of the deal.
Moderator Comment: What impact has retailer consolidation
had on the convenience/gas store industry? [George
Anderson – Moderator]