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Sun, Sep 09, 2001 - Page 10 News List

Chevron's US$46bn purchase of Texaco gets the green light

BLOOMBERG , WASHINGTON

To ensure that Texaco's retail market share is divested, the FTC order is designed to prevent independent distributors who ``have loyalties to the Texaco brand'' from affiliating themselves with the new company until after the transition period.

The agreement with the FTC also requires Texaco to sell stakes in US natural gas pipelines and a processing plant in Texas. The company also agreed to sell its aviation fuel marketing business in 14 states to privately held Avfuel Corp based in Ann Arbor, Michigan.

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