For Your Information: May 14, 2002
The Commission has approved an amendment to the divestiture agreement approved on April 23, 2002, regarding the merger of Valero Energy Corporation (Valero) and Ultramar Diamond Shamrock Corporation (Ultramar). Through the action taken on April 23, the Commission approved the divestiture of the companies' "Golden Eagle Refinery Assets," as required by Paragraph II.A. of the consent order issued by the FTC and announced on December 18, 2001, to Tesoro Petroleum Corporation (Tesoro). Valero and Tesoro subsequently renegotiated certain terms of the agreement in the "Second Amendment to the Sale and Purchase Agreement," and on May 6, 2002, Valero requested the Commission's approval of the Second Amendment. Through the action announced today, the FTC has approved the changes to the previously accepted agreement. Because the changes involved solely confidential terms, they were not announced for public comment. The Commission vote to approve the Second Amendment was 4-0, with Chairman Timothy J. Muris not participating. (Docket No. C-4031, FTC File No. 011-0141; staff contact is Elizabeth A. Piotrowski, Bureau of Competition, 202-326-2623; see press releases dated December 18, 2001 and February 15, 22, and April 26, 2002.)
Commission approval of proposed divestiture:
The Commission has approved an application from Chevron Corporation (Chevron) and Texaco Inc. (Texaco) to divest Texaco's interests in the Enterprise Fractionating Plant to Enterprise Products Operation, L.P., the present majority owner of the plant and its current operator. The divestiture is required by the FTC's decision and order arising from Chevron's acquisition of Texaco. Under the terms of the order, which is available on the FTC's Web site, Chevron and Texaco are required to divest Texaco's interests in the Enterprise Fractionating Plant. Through this approval, the trustee may now sell these interests to Enterprise Products Operation, L.P., as proposed. The Commission vote to approve the application was 4-0, with Chairman Timothy J. Muris recused. (FTC File No. 011-0011; Docket No C-4023; staff contact is Daniel P. Ducore, Bureau of Competition, 202-326-2526; see press releases dated September 7, 2001 and December 18, 2001; and January 4 and February 8, 2002.)
Commission approval of amended complaint:
The Commission has approved the filing of an amended complaint in its case against Stock Value 1, Inc. (SV1) and Deborah Jenkins. Through the action, the FTC has approved adding Meristar International, Inc. as a defendant in this case concerning the claims regarding electromagnetic radiation reduction made by the sellers of cell phone "shields." The vote to approve the amended complaint was 5-0. (FTC File No. X020040, Civ. No. 02-CV-80131; staff contact is Serena Viswanathan, Bureau of Consumer Protection, 202-326-3244; see press release dated February 20, 2002.)
Copies of the documents mentioned in this release are available from the FTC's Web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. Call toll-free: 1-877-FTC-HELP.