FTC Requests More Information From Pennzoil-Quaker State Regarding Merger
Pennzoil-Quaker State has been asked for more information by the Federal Trade Commission (FTC) about their acquisition by Royal Dutch/Shell, specifically their activities in base oil and passenger car motor oil, according to a statement released by Pennzoil. Pennzoil-Quaker State says it will cooperate fully with the FTC in their review of the acquisition, which was announced in March. Royal Dutch/Shell Group will take over Pennzoil for $1.8 billion, a move that will jump Shell’s world lubricants market share to 12 percent, and make the company number one in U.S. oil lubricants. Pennzoil believes the deal will be finalized in the second half of 2002.