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FTC Clears Magellan’s $492.4M Purchase Of Shell Assets

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: FTC Clears Magellan’s $492.4M Purchase Of Shell Assets

“In June, Shell Oil Products agreed to sell its pipeline and storage assets in Texas, Oklahoma, Kansas and Colorado to Magellan for $492.4 million.”

Posted 30 Sept 04

NEW YORK — The Federal Trade Commission approved Magellan Midstream Partners L.P.’s (MMP) proposed acquisition of certain Royal Dutch/Shell Group (RD) assets, but required Magellan to divest Shell ‘s Oklahoma City terminal.

A Magellan spokeswoman said the company intends to comply with the FTC’s requirement. Magellan stores, transports and distributes refined petroleum products.

In June, Shell Oil Products agreed to sell its pipeline and storage assets in Texas, Oklahoma, Kansas and Colorado to Magellan for $492.4 million.

In order to protect competition, the FTC said in a press release Wednesday that it required Magellan to hold the Oklahoma City terminal assets separate and to maintain their viability until they can be sold.

Magellan’s New York Stock Exchange-listed shares closed Wednesday at $54.93, down 7 cents, while Royal Dutch’s NYSE-listed shares closed at $51.26, down 4 cents.

-Anjali Cordeiro; Dow Jones Newswires; 201-938-5400; [email protected]

 

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