Texaco Divests Equilon and Motiva, Completes Chevron Merger. (Global Report on North America).(sells to Royaldutch/Shell Group and Saudi Aramco)(Brief Article)

NPN International, November, 2001

United States -- In a move that will position Houston-based Shell as the largest gasoline retailer in the United States, the Royal Dutch/Shell Group and Saudi Aramco announced on Oct. 9 that they would buy out partner Texaco, Inc., White Plains, N.Y., from their United States joint ventures, Equilon and Motiva, for $3.8 billion, clearing the way for Texaco's merger with San Francisco-based Chevron Corp., Reuters reported.

Under an agreement with the Federal Trade Commission, Texaco had until Oct. 9 to divest its interests in the joint ventures, or its stake in Equilon and Motiva would have gone into a trust, which would have later sold the assets.

Shell will now be the largest gasoline retailer in the United States, with nearly 15 percent of the...

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