Mergers and Acquisitions Review: DOJ Questions Varco and Robbins & Myers, Tesoro’s Deal Opposed
The Justice Department has requested that National Oilwell Varco (NYSE:NOV) and Robbins & Myers (NYSE:RBN) send it further information and documents connected to their proposed $2.5 billion merger. This request is in keeping with its oversight duties under the Hart-Scott-Rodino Antitrust Improvements Act.
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Opposition is rising to Tesoro Corporation’s (NYSE:TSO) proposed acquisition of Arco and its Carson refinery for $2.5 billion, according to the Los Angeles Times, while activists believe that the deal would lower competition and elevate prices for motorists. The deal is drawing fire since California’s average gas price has hit a record $4.671 per gallon, and the linkup would leave 51 percent of the state’s refining capacity with TSO and Chevron Corporation (NYSE:CVX).
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