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Tesoro Takes Stock

Independent oil refiner and marketer Tesoro Petroleum Corp. said it plans a public offering of 20 million newly issued shares to help pay for pending acquisitions from Valero Energy Corp.

Tesoro is buying an oil refinery and 70 convenience stores in northern California from Valero. Last week, the companies said they had amended the terms of the deal, bringing the purchase price to $1.125 billion.

The stock offering is expected to close during the week of March 4. Tesoro intends to close the pending acquisition of the Golden Eagle refinery and convenience stores in April 2002.
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