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-Elevens 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
lapfog_1
(29,166 posts)he was VP of 7-eleven in charge of gasoline operations.
cinematicdiversions
(1,969 posts)Every time there's a skimmer scandal it's invariably all 711 gas stations in my neck of the woods. I wonder why
DENVERPOPS
(8,679 posts)that Trump is no longer president..................