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Houston Chronicle: Tesoro Closes $1.76B Shell Purchase

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.

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