Marathon Oil Corp. has signed a non-binding Letter of Intent with ACON Investments LLC, NTR Partners LLC and TPG Capital, L.P. to sell most of its Minnesota downstream assets. The assets include the 74,000 barrel per day St. Paul Park refinery and associated terminal, 166 SuperAmerica convenience stores along with the SuperMom’s Bakery (a…
Lending Outlook 2010
At the NACS Sumitt in Chicago this week, a panel of experts spoke to the c-store industry on today’s lending environment. “It is clear to me this would be a hot topic for many people in this room,” said Joseph Sheetz, executive vice president of finance for Sheetz Inc., who moderated the session. Panel participants…
Walgreens Finalizes Duane Reade Acquisition
Walgreen Co. has completed the acquisition of Duane Reade Holdings Inc. The transaction includes all 258 Duane Reade stores in the New York City metropolitan area, as well as Duane Reade’s corporate office and two distribution centers. “Just as Walgreens has been a trusted community pharmacy for more than 100 years, we plan for Duane…
Valero to Sell Delaware City Assets for $220 Million
Valero Energy Corp. is selling the assets of its terminal operation and discontinued operations in Delaware City to the Delaware City Refining Company LLC and Delaware Pipeline Company LLC, wholly owned subsidiaries of PBF Energy Partners LP. Valero is selling the assets for $220 million and will retain the minimal levels of remaining crude oil…
Walgreens Moves Forward With Duane Reade Acquisition
Walgreen Co. has received the regulatory clearance from the U.S. Federal Trade Commission needed to complete the acquisition of Duane Reade Holdings Inc. “We’re clear to move forward and complete the Duane Reade acquisition, which will immediately give Walgreens a leading position in the nation’s largest drugstore market,” said Walgreens president and CEO Greg Wasson.…
Clark Brands Teams With CBE
Clark Brands and CBE have partnered on a new program that will offer special pricing on VeriFone equipment to Clark branded and credit card locations. This pricing is especially attractive for retailers who are working to upgrade their Point of Sale (POS) devices and PIN pads as part of their compliance strategy. “In Clark’s continuing…
Royal Dutch Shell stops gasoline sales to Iran
Royal Dutch Shell has stopped gasoline sales to Iran, the latest addition to a growing list of firms, including BP, that have halted supplies or decided not to enter new trade agreements under threat of future U.S. sanctions, Reuters reported. “Shell currently does not supply gasoline to Iran,” a Shell spokesman said. U.S. politicians are…
7-Eleven Sells 12-Asset Portfolio
A portfolio of 12 7-Eleven stores, all of which were part of small strip centers, has sold to different buyers in transactions with a combined value greater than $20 million, GlobeSt.com reported. The 12 assets in Nevada, Texas and Virginia were acquired from the locally based 7-Eleven through all-cash deals. Seller representative Mehran Foroughi, senior…