FTC orders 7-Eleven, Marathon to divest over 200 retail fuel outlets
The order comes following the acquisition of the Speedway chain
The Federal Trade Commission on Friday ordered 7-Eleven to sell over 200 retail outlets following its $21 billion acquisition of the Speedway fuel chain from Marathon Petroleum.
7-ELEVEN SEEKING 20,000 WORKERS ACROSS
Stocks In This Article:
Marathon Petroleum, which owned the Speedway chain, and 7-Eleven, owned by Japan's Seven & I Holdings Co Ltd, announced last month they had closed the $21 billion deal involving some 3,800 stores in 36 states.
Two top FTC officials had previously said the deal was potentially illegal, Reuters reported.
CLICK HERE TO READ MORE ON FOX BUSINESS
In a proposed consent order with the companies, the FTC said 7-Eleven and Marathon are required to divest 124 retail fuel outlets to Anabi Oil, 106 retail fuel outlets to Cross America Partners and 63 retail fuel outlets to Jacksons Food Stores.
Because the U.S. gasoline and diesel markets are highly localized, the complaint alleged that the acquisition will harm competition in 293 markets across 20 states.