May 11, 2007, 3:48PM
© 2007 The Associated Press
SAN ANTONIO — Oil refiner Tesoro Corp. said Friday it completed its acquisition of a Los Angeles-area refinery and 278 retail sites previously owned by Royal Dutch Shell PLC.
Under a long-term agreement between the companies, all of the purchased stations will remain Shell-branded while being supplied by Tesoro.
The total price of the transaction is $1.76 billion, including $213 million for estimated inventories.
Shares of Tesoro Corp. rose $2.34 Friday to close at $119.25 while Royal Dutch Shell shares rose 88 cents to close at $71.62.
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
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