March 29, 2017
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Shareholders with Tempe, AZ’s Western Refining and Tesoro Corp. of San Antonio voted in favor of the former company’s acquisition by the latter. The $6.4 billion deal remains subject to approval by federal regulators, and is expected to close in the first half of 2017.
The merger had been the target of several lawsuits from concerned shareholders, claiming that Western Refining had filed false or misleading information about the proposed merger. A federal judge in El Paso dismissed five shareholders’ separate lawsuits against both companies on March 20, ordering that the lawyers on both sides come to an agreement on fees that the shareholders are asking the companies to pay.
The merger will bring Tesoro ownership in Western Refining Logistics, which operates pipelines in the Permian basin, as well as additional transportation and storage facilities.
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