Mergers & Acquisitions

ExxonMobil Settles Lawsuit Over Sale of 63 Properties

Was it a ‘public-relations charade’ or a ‘fair and unbiased’ sale process?

IRVING, Texas -- Exxon Mobil Corp. and a Dallas business executive have settled litigation over the 2011 sale of 63 gas stations in the San Antonio and Austin areas, reported The San Antonio Express-News.

Arcilia Acosta, CEO and president of Carcon Industries & Construction, had alleged in a 2013 lawsuit that ExxonMobil recruited her and other minorities to each bid on the stations but then sold them to an “Anglo businessman.”

Although Acosta's lawsuit doesn't identify that individual, Bexar County property records obtained by The Houston Chronicle in 2013 show the San Antonio-area stations were sold in individual transactions to Victoria, Texas-based Speedy Stop Food Stores LLC for an undisclosed price.

Acosta said ExxonMobil’s negotiations with her were just a “public-relations charade.”

ExxonMobil disputed Acosta’s allegations, calling the sales process “fair and unbiased,” the report said.

The case had been set to go to trial this week in Bexar County District Court, but the parties reached an out-of-court settlement, Frank Herrera Jr., Acosta’s lawyer, told the Express-News.

Details of the settlement were not made public, and Irving, Texas-based ExxonMobil did not respond to a CSP Daily News request for comment.

In August 2011, as part of the sale of 223 company-owned and -operated convenience stores in Texas and Louisiana, ExxonMobil sold 61 c-stores and two parcels of land in Austin and San Antonio, Texas, to Speedy Stop, an affiliate of C.L. Thomas Inc.

As part of that package, ExxonMobil also sold stations to Landmark Industries Energy LLC, Houston; 7-Eleven, then based in Dallas; and Alimentation Couche-Tard Inc., Laval, Quebec.

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