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7-Eleven Inc. has been ordered by U.S. antitrust regulators to sell 293 gas station retailers acquired earlier this year as part of the $ 21 billion acquisition of Marathon Petroleum Corp.’s Speedway business. ..
The order, disclosed on June 25 by the US Federal Trade Commission, resolves protracted concerns about trading. In May, FTC Deputy Chairman Rebecca Kelly Slaughter and her fellow Democrats said authorities would continue to investigate the takeover, even if Seven-Eleven said the deal was closed.
Seven & i Holdings, based in Tokyo, the parent company of Seven-Eleven, will acquire about 3,900 Speedway stores from the marathon in August, establishing a dominant position of about 14,000 stores in the United States and Canada. Agreed to.
This deal is from Elliott Management Corp. And DE Shaw & Co. Investors such as, have been under pressure for months of marathons calling for drastic changes to improve performance. Elliott urged the marathon to split into three separate businesses: refining, retail and pipeline.
Under the terms of the FTC’s proposed order, Seven-Eleven will sell 124 stores to Anabi Oil, 106 stores to CrossAmerica Partners LP, and 63 stores to Jackson Food Store.
In the noon trading in New York, marathon stocks fell 0.7% to $ 61.95 after a surge in previous news.
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Seven-Eleven ordered the sale of 293 Speedway stores
https://www.ttnews.com/articles/7-eleven-ordered-sell-293-speedway-stores Seven-Eleven ordered the sale of 293 Speedway stores