Chevron, USA Petroleum end California stations deal

摘要

New York-Chevron and USA Petroleum have ended their deal for the major to buy 122 service stations in California from the private Los Angeles area-based gasoline retailer, the companies said November 17. The original deal, for which financial terms were not disclosed, was announced in July. USA Petroleum President Mark Conant told Platts the deal fell through November 16 on Chevron's initiative, after "running into some fairly heavy resistance at the [Federal Trade Commission] level to the point where it was pretty obvious it was going to be a struggle to get the transaction completed and it appeared to not be worth the time and effort."