FILE PHOTO: The logo of 7-Eleven is seen at a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai
June 25 (Reuters) – The U.S. Federal Trade Commission on Friday ordered 7-Eleven to sell over 200 retail outlets following its $21 billion acquisition of the Speedway fuel chain from Marathon Petroleum (MPC.N).
Marathon Petroleum, which owned the Speedway chain, and 7-Eleven, owned by Japan’s Seven & I Holdings Co Ltd (3382.T), announced last month they had closed the $21 billion deal involving some 3,800 stores in 36 states.
Two top FTC officials had previously said the deal was potentially illegal, Reuters reported.
In a proposed consent order with the companies, the FTC said 7-Eleven and Marathon are required to divest 124 retail fuel outlets to Anabi Oil, 106 retail fuel outlets to Cross America Partners and 63 retail fuel outlets to Jacksons Food Stores.
Because the U.S. gasoline and diesel markets are highly localized, the complaint alleged that the acquisition will harm competition in 293 markets across 20 states.Additional reporting by Tim Ahmann; Editing by Dan Grebler
Our Standards: The Thomson Reuters Trust Principles.
Convenience retail is becoming an increasingly data-driven business, with operators balancing tight margins, shifting consumer…
As enterprises have moved more workloads into virtualised environments, the hypervisor has become a critical…
Rally Saudi Arabia will not form part of the 2026 FIA World Rally Championship due…
Outdoor footwear is increasingly expected to do more than perform on a trail. Consumers move…
The non-alcoholic beverage market is beginning to move beyond the simple promise of drinking less.…
For clean-energy technology companies, sustainability reporting is increasingly moving beyond a compliance exercise. Investors, customers…