September 14, 2001
David I. Gelfand, Esq.
Dear Mr. Gelfand:
The Federal Trade Commission has conducted a nonpublic investigation to determine whether the proposed acquisition of Tosco Corporation by Phillips Petroleum Corporation may violate Section 7 of the Clayton Act or Section 5 of the Federal Trade Commission Act.
Upon further review of this matter, it now appears that no further action is warranted by the Commission at this time. Accordingly, the investigation has been closed. This action is not to be construed as a determination that a violation may not have occurred, just as the pendency of an investigation should not be construed as a determination that a violation has occurred. The Commission reserves the right to take such further action as the public interest may require.
By direction of the Commission.
Donald S. Clark