Shell to Lubricate Lead with Pennzoil-Quaker State
Shell Oil Co. has announced that it will acquire Pennzoil-Quaker State Co. for $1.8 billion. The acquisition will outfit Shell’s vast chain of gasoline stations with the accoutrements of a major motor-oil brand and network of oil-change centers.
Shell, a unit of Royal/Dutch Shell Group, will pay $22 a share and to assume $1.1 billion in debt. The board of Pennzoil-Quaker State approved the acquisition, which is projected for completion during the second half of the year. The deal is subject to shareholder and regulatory approval.
Moderator Comment: What does this deal mean to convenience
store and petroleum products retailing in the United States?
This deal along with the stake it took in Equilon and
Motiva last year demonstrates that Shell is focused on petroleum products retailing.
Anderson – Moderator]
to Buy Pennzoil-Quaker State In Bid to Lead Refined-Oil Market – The Wall
Street Journal (subscription required)