Big Texaco-Getty merger wins conditional approval
The Federal Trade Commission gave conditional approval Monday to the biggest corporate merger in US history - Texaco's planned $10.1 billion takeover of Getty Oil.
By a 4-to-1 vote, the FTC tentatively approved a consent agreement that requires Texaco ''to make certain divestitures and to take other steps to resolve the agency's antitrust concerns,'' a spokesman said. The vote by the commissioners was taken at a closed-door meeting and announced by an FTC spokesman.
An FTC source said the divestiture requirements include the sale of two refineries, one on the East Coast and one in the Midwest. In addition Texaco would have to ensure the delivery of 100,000 barrels of crude oil per day that Getty now supplies independent marketers in California and the Rocky Mountain states.