Home / Business / FTC officials said buying a 7-Eleven speedway chain could be illegal, despite the closure.

FTC officials said buying a 7-Eleven speedway chain could be illegal, despite the closure.



A 7-Eleven logo is seen at a 7-Eleven convenience store in Tokyo, Japan December 6, 2017.REUTERS / Toru Hanai / File Photo / File Photo

Completing 7-Eleven’s thousands of gas and speedway convenience stores could be illegal and could raise competitive concerns in hundreds of local markets in the United States, senior Federal Trade Commission officials said. The two said it was a dispute between the agency and the company on Friday.

Marathon Petroleum Co (MARATH.N), which owns Speedway and 7-Eleven owned by Japan’s Seven & I Holdings Co Ltd (7-Eleven.O), announced on Friday that they had closed a $ 21 billion deal involving the store. 3,800 locations in 36 states

“Both sides have closed the transaction at their own risk. The Commission will continue to investigate to determine the appropriate course,” said FTC Acting Chair Rebecca Slaughter and Commissioner Rohit Chopra. Both are Democrats.

Both officials said they believed. “The transaction is illegal” and said the commission had failed to reach an agreement with companies to resolve antitrust concerns.

7-Eleven said in a statement it was legally allowed to close the transaction, “a false statement or implication,” the company said.

The company said it reached an agreement with FTC officials in late April to sell 293 petrol stores with plans to close on May 14.

But on May 11, Slaughter and Chopra said they needed more time, the company said. “7-Eleven takes this request very seriously,” it said. Make the schedule today, ”it added.

In a separate statement, Marathon Petroleum said it and “7-Eleven have been working together very well over the months with the FTC and will continue to do so in the future”.

Two Republican FTC commissions, Noah Phillips and Christine Wilson, said in a statement they believed the deal violated antitrust laws.

“Instead of solving problems and ordering business sales (Or prosecuted to block the transaction) Acting President and Commander Chopra made a hefty statement. Their remarks do not bind the combined parties, leaving consumers totally unprotected. Wilson said.

Our Standard: The Thomson Reuters Trust Principle.


Source link