Federal Trade Commission Requests More Info from Alon USA's Refinery Acquisitions
DALLAS -- The Federal Trade Commission (FTC) has issued a second request for additional information concerning Alon USA's acquisition of Paramount Petroleum Corp. and Edgington Oil Co.
Despite the request, Alon does not expect a delay in the finalizations of the transactions. The termination date for Paramount stockholder and Alon is Aug. 31. Alon and Edgington's parent company, Apex Oil Co., Inc. have extended the termination date to Sept. 29.
Alon USA said in a written statement that second requests are not unusual in acquisitions involving refineries.
The acquisitions, announced in May, have Alon assuming $100 million in net debt from Paramount, and paying $307 million to Paramount Petroleum and $52 million Edgington in cash, reported BusinessWeek.
Alon USA is an independent petroleum marketer and refiner for the Southwestern and South central U.S. Alon markets gasoline and diesel fuels under the FINA brand to its 7-Eleven and FINA convenience stores in West Texas and New Mexico.
Despite the request, Alon does not expect a delay in the finalizations of the transactions. The termination date for Paramount stockholder and Alon is Aug. 31. Alon and Edgington's parent company, Apex Oil Co., Inc. have extended the termination date to Sept. 29.
Alon USA said in a written statement that second requests are not unusual in acquisitions involving refineries.
The acquisitions, announced in May, have Alon assuming $100 million in net debt from Paramount, and paying $307 million to Paramount Petroleum and $52 million Edgington in cash, reported BusinessWeek.
Alon USA is an independent petroleum marketer and refiner for the Southwestern and South central U.S. Alon markets gasoline and diesel fuels under the FINA brand to its 7-Eleven and FINA convenience stores in West Texas and New Mexico.