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  • Tesoro and Western Refining Stockholders Approve Acquisition of Western Refining by Tesoro
    édité le 27/03/2017 - Plus de news de "Andeavor" - Voir la fiche entreprise de "Andeavor"


Tesoro and Western Refining Stockholders Approve Acquisition of Western Refining by Tesoro
Stockholders of both Tesoro Corporation and Western Refining, Inc. (NYSE: WNR) today voted to approve Tesoro's expected acquisition of Western Refining. At separate special stockholders' meetings, Tesoro stockholders approved the issuance of shares of Tesoro common stock in connection with the expected acquisition, and stockholders of Western Refining approved the adoption of the previously disclosed agreement and plan of merger.

Tesoro's proposal to approve the issuance of Tesoro shares in connection with the acquisition was supported by more than 99 percent of Tesoro's outstanding shares present and entitled to vote, and Western Refining's proposal to approve the acquisition was supported by approximately 80 percent of Western Refining's outstanding shares entitled to vote.

"We are pleased that stockholders of both Tesoro and Western Refining voted overwhelmingly in favor of the transaction. The acquisition of Western Refining at this attractive price and the expected delivery of $350-425 million in synergies will create a premier, highly integrated and geographically diversified refining, marketing and logistics company that we believe will generate substantial shareholder value," said Greg Goff, Chairman, President and CEO of Tesoro.

Also at the Tesoro special meeting, Tesoro stockholders approved the adoption of an amendment to the restated certificate of incorporation of Tesoro to increase the number of authorized shares of Tesoro common stock from 200 million to 300 million. The amendment will not occur unless and until the expected acquisition is completed.

Completion of the acquisition remains subject to the satisfaction or waiver of customary closing conditions, including the expiration or termination of the waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The issuance of shares of Tesoro common stock approved today will not occur unless and until the expected acquisition is completed. Tesoro and Western Refining continue to expect the transaction to close in the first half of 2017.

About Tesoro Corporation

Tesoro Corporation (NYSE: TSO), a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States with a combined capacity of over 895,000 barrels per day and ownership in a logistics business, which includes an interest in Tesoro Logistics LP (NYSE: TLLP) and ownership of its general partner. Tesoro's retail-marketing system includes over 2,400 retail stations under the ARCO®, Shell®, Exxon®, Mobil®, USA Gasoline(TM), Rebel(TM) and Tesoro® brands.

About Western Refining, Inc.

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The Company operates refineries in El Paso, Gallup, New Mexico and St. Paul Park, Minnesota. The Company's retail operations includes retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas, and Wisconsin, operating primarily through the Giant, Howdy's, and SuperAmerica brands. Western Refining, Inc. also owns the general partner and approximately 53% of the limited partnership interest of Western Refining Logistics, LP (NYSE: WNRL).


Origine : Communiqué Andeavor

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