Getty Petroleum to Buy Clark Oil for $447 Million
Getty, a large independent marketer of gasoline and petroleum products based in Plainview, N.Y., said it would pay a $300 million base price, plus the value of Clark Oil's inventories - estimated at about $100 million - and that it would also assume an estimated $47 million in liabilities.
In return, Getty will be able to expand its horizon beyond the Northeast, acquiring two Illinois refineries, 14 marketing terminals and 980 owned and leased service stations in 10 midwestern states, western Pennsylvania, Kentucky and West Virginia.
It would also assume Clark's minority interest in five pipeline companies, while Clark retains its Louisiana refinery and its oil producing and insurance subsidiaries, Getty said.
The stock market reacted positively to the announcement. Getty's stock closed at $22.75 per share in consolidated trading of New York Stock Exchange-listed issues, $2.37 1/2 higher than Tuesday's close.
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