P.M. BRIEFING : Imperial Oil May Face Sell-Off
The government may force Imperial Oil Ltd., Canada’s largest oil company, to sell off gasoline stations and exploration properties following its planned takeover of Texaco Canada Inc., federal agencies said today.
Canada’s Competition Bureau announced it will likely force Imperial to sell off refining and marketing assets because of competition concerns in that sector. Imperial, a subsidiary of Exxon Corp., announced in January it was buying Texaco Canada from White Plains, N.Y.-based Texaco Inc. in a deal that valued the subsidiary at $4.1 billion. Texaco put the Canadian subsidiary on the block last August as part of its restructuring.
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