Western Refining, Giant Industries say court refuses FTC request for injunction |
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Published
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Tue, 29 May 2007 20:03
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EL PASO, Texas (Thomson Financial) - Crude oil refiner Western Refining Inc and petroleum products refiner Giant Industries Inc said a US court has denied the Federal Trade Commission's request for a preliminary injunction related to their proposed merger.The two companies said in a statement the US District Court for the District of New Mexico has also dissolved the temporary restraining order issued on April 13.They said they believe the FTC will appeal the ruling and seek an injunction from another court.The companies have agreed not close the merger before noon May 31.Western agreed to buy Giant last August for 83 usd per share in a deal worth 1.5 bln usd, but lowered its bid to 77 usd per share in November because of Giant's disappointing financial performance after fires temporarily disabled two refineries.tf.TFN-Europe_newsdesk@thomson.comwjCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Court blocks Western Refining merger 