PBF Energy's planned purchase of a 170,000-b/d refinery in Toledo, Ohio, from US refiner and marketer Sunoco presents no antitrust issues, the US government said Tuesday.
In an early termination notice under the Hart-Scott-Rodino Antitrust Improvements Act, the Federal Trade Commission said neither it nor the Department of Justice's Antitrust Division plan to take enforcement action against the deal.
Philadelphia-based Sunoco said in early December when it announced the deal that it will sell the refinery for about $400 million, split between $200 million in cash and a $200 million two-year note. Sunoco also said the deal includes a participation payment of up to $125 million based on future profitability of the refinery.
PBF also plans to buy the refinery's crude and product inventory to be valued at market prices at closing, expected for early in the first quarter of 2011.
Analysts noted in early December that PBF has, in less than a year, announced plans to buy three refineries with total production capacity of about 530,000 b/d.
In an early termination notice under the Hart-Scott-Rodino Antitrust Improvements Act, the Federal Trade Commission said neither it nor the Department of Justice's Antitrust Division plan to take enforcement action against the deal.
Philadelphia-based Sunoco said in early December when it announced the deal that it will sell the refinery for about $400 million, split between $200 million in cash and a $200 million two-year note. Sunoco also said the deal includes a participation payment of up to $125 million based on future profitability of the refinery.
PBF also plans to buy the refinery's crude and product inventory to be valued at market prices at closing, expected for early in the first quarter of 2011.
Analysts noted in early December that PBF has, in less than a year, announced plans to buy three refineries with total production capacity of about 530,000 b/d.
