EL PASO, Texas & SCOTTSDALE -- Western Refining Inc. and Giant Industries Inc. have announced that the U.S. District Court for the District of New Mexico has scheduled a preliminary injunction hearing to begin on May 7, 2007, as requested by Western and Giant, with respect to the litigation filed by the U.S. Federal Trade Commission (FTC) regarding the companies' proposed merger.
On Nov. 13, 2006, Western and Giant announced an agreement under which Western will acquire all of the outstanding shares of Giant for $77 per share in cash. As previously [image-nocss] announced, Giant's shareholders voted to approve the transaction on Feb. 27, 2007. Consummation of the transaction remains subject to this litigation.
Western, El Paso, Texas, is an independent crude oil refiner and marketer of refined products, operating primarily in the Southwest region of the United States, including Arizona, New Mexico and West Texas.
Giant, Scottsdale, Arizona, is a refiner and marketer of petroleum products. It owns and operates one Virginia and two New Mexico crude oil refineries, a crude oil gathering pipeline system based in Farmington, N.M., which services the New Mexico refineries, finished products distribution terminals in Albuquerque, N.M., and Flagstaff, Ariz., a fleet of crude oil and finished product truck transports and a chain of retail service station/convenience stores in New Mexico, Colorado and Arizona. Giant is also the parent company of Phoenix Fuel Co. Inc., Dial Oil Co. and Empire Oil Co., all of which are wholesale petroleum products distributors.
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.