HONOLULU -- Aloha Petroleum Ltd. said it plans to fight anticipated opposition from the Federal Trade Commission (FTC) of its purchase of 18 Mahalo gas stations and part of a terminal, reported Pacific Business News.
Aloha Petroleum negotiated a deal to buy the station sites from Trustreet Properties Inc. (formerly U. S. Restaurant Properties Inc.), Orlando, Fla., in June.
Both parties delayed the closing to July 29 or until they heard from the FTC, said the report.
The FTC has not made a formal statement [image-nocss] yet and will not comment on pending transaction, Mitch Katz, a spokesperson for the commission, told the newspaper.
But Aloha Petroleum said it heard the commission intends to seek a temporary restraining order from the U.S. District Court in Hawaii, the report said. "Aloha Petroleum will contest the decision because we believe Oahu motorists will benefit from the opportunity to purchase Aloha's competitively priced gasoline at a greater number of locations," Bob Maynard, Aloha Petroleum's president and CEO, told the paper. "This is exactly what our purchase of Mahalo would do."
Aloha operates 60 stations on Oahu and the Big Island, and the purchase of Mahalo stations would expand its presence on Oahu.
As part of the sale, Aloha would become the sole proprietor and operator of a fuel-storage terminal in Campbell Industrial Park on Oahu, the report added. Currently, Aloha and Trustreet jointly own the terminal. Aloha also is the exclusive distributor of Citgo lubricants in Hawaii.
Mahalo entered the Hawaii market in 2000, said the report. U.S. Restaurant Properties of Dallas merged with CNL Restaurant Properties in February this year to create Trustreet Properties Inc. Trustreet is a provider of triple-net lease financing to the U.S. restaurant industry and is a publicly traded real-estate investment trust.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.