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SouthBayDem

(31,962 posts)
Fri May 14, 2021, 09:09 PM May 2021

7-Eleven Deal for Speedway Chain Called Illegal by FTC Chair

Source: Bloomberg

7-Eleven Inc.’s purchase of the Speedway retail chain violates antitrust laws, the head of the U.S. Federal Trade Commission said, casting doubt over the future of the $21 billion deal that closed Friday.

FTC Acting Chairwoman Rebecca Kelly Slaughter and her fellow Democratic commissioner said the agency will continue to investigate the acquisition even after 7-Eleven announced it had completed the deal.

“We have reason to believe that this transaction is illegal,” Slaughter and Commissioner Rohit Chopra said in a statement. The “decision to close under these circumstances is highly unusual, and we are extremely troubled by it.”

7-Eleven’s parent, Tokyo-based Seven & i Holdings Co., agreed in August to buy 3,900 Speedway outlets from Marathon Petroleum Corp. to clinch a dominant position of almost 14,000 stores in the U.S. and Canada. The transaction gives 7-Eleven a presence in 47 out of the top 50 metropolitan markets.

Read more: https://www.bloomberg.com/news/articles/2021-05-14/7-eleven-deal-for-speedway-stores-called-illegal-by-ftc-chair

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7-Eleven Deal for Speedway Chain Called Illegal by FTC Chair (Original Post) SouthBayDem May 2021 OP
I am so happy my uncle passed away more than 2 decades ago lapfog_1 May 2021 #1
Getting gas at 711 is like banking at Wells Fargo cinematicdiversions May 2021 #2
Some one should have told 7-11 DENVERPOPS May 2021 #3

lapfog_1

(29,166 posts)
1. I am so happy my uncle passed away more than 2 decades ago
Fri May 14, 2021, 09:13 PM
May 2021

he was VP of 7-eleven in charge of gasoline operations.

 

cinematicdiversions

(1,969 posts)
2. Getting gas at 711 is like banking at Wells Fargo
Sat May 15, 2021, 01:53 PM
May 2021

Every time there's a skimmer scandal it's invariably all 711 gas stations in my neck of the woods. I wonder why

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