Exxon, Mobil offering to divest more stations to win merger
Tuesday, November 23rd 1999, 12:00 am
News On 6
(Dallas-AP) -- Exxon Corporation and Mobil Corporation are working to win government approval for their 81 (m) million dollar merger. Industry sources say to do that the corporations are now offering to sell or break ties to 15 percent or 24-hundred of their
national network of service stations.
Earlier reports indicated the companies might shed about a thousand stations.
Industry officials familiar with the negotiations confirmed that the Federal Trade Commission seeks the divestiture of an Exxonrefinery in California.
Bartlesville-based Phillips Petroleum is said to be one of the companies interested in the California refinery even before the F-T-C reaches an agreement with Exxon and Mobil. Valero Energy Corporation and Tesoro Petroleum Corporation, both of San Antonio,
are interested along with Philadelphia-based Sunoco.