FTC Files Complaint in Federal District Court Seeking to Block Western Refinings Acquisition of Rival Energy Company Giant Industries, Inc

The Federal Trade Commission today filed a complaint in federal district court in New Mexico seeking a temporary restraining order and preliminary injunction to stop Western Refining, Inc.’s proposed $1.4 billion acquisition of rival energy company Giant Industries, Inc.

On April 10, 2007, the Commission approved a complaint challenging the acquisition and authorized Commission staff to seek a preliminary injunction in federal district court to block the proposed transaction should such an injunction become necessary to preserve the Commission’s ability to obtain effective relief upon resolution of an administrative trial.

The complaint, filed in the U.S. District Court for the District of New Mexico, seeks a temporary restraining order and preliminary injunction under Section 13(b) of the Federal Trade Commission Act, 15 U.S.C. § 53(b), to enjoin the proposed acquisition. The federal district court complaint alleges that the acquisition would lead to reduced competition and higher prices for the bulk supply of light petroleum products to northern New Mexico, an area of the country where the companies are direct and significant competitors.

NOTE: The Commission issues or files a complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the named parties have violated the law.

(FTC File No.: 061-0259; Civ. No. 07cv352 JH/ACT)