Court denies FTC's request for preliminary injunction in Western Refining, Giant Industries' merger

By Lisa Kerner

Charlotte, N.C., May 29 - The U.S. District Court for the District of New Mexico has denied the Federal Trade Commission's request for a preliminary injunction related to the proposed merger of Western Refining, Inc. and Giant Industries, Inc. and dissolved the temporary restraining order issued on April 13.

"The District Court's ruling affirms what we, as well as what many customers and state and industry leaders, have said all along," Western Refining president and chief executive officer Paul Foster said in a company news release.

"We believe a Western-Giant combination is pro-competitive and provides important benefits to the companies' stakeholders, including our customers, shareholders and employees."

Western Refining said it believes the FTC will appeal the ruling and seek an injunction from either the District Court or the U.S. Court of Appeals for the 10th Circuit to preclude the closing of the merger. The companies have agreed with the FTC to not close the merger prior to 1 p.m. ET on May 31.

On Nov. 13, Western Refining announced it would acquire Giant for $77 per share in cash. Giant shareholders approved the transaction on Feb. 27.

Western Refining is an El Paso, Texas, independent crude oil refiner and marketer of refined products.

Giant Industries is a Scottsdale, Ariz., refiner and seller of petroleum products.

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