Western Refining acquires Giant Industries for $77 per share

By Lisa Kerner

Charlotte, N.C., May 31 - Western Refining, Inc. completed its acquisition of Giant Industries, Inc. to become the fourth-largest publicly traded independent refiner and marketer in the United States, according to a company news release.

Giant Industries' shareholders approved the transaction on Feb. 27.

"With Giant, we have significantly increased our refining capacity in fast growing, high demand areas and have gained an immediate footprint in new, complementary businesses," Western Refining's president and chief executive officer Paul Foster said in the release.

"We are now focused on seamlessly integrating these two great companies and realizing the tremendous upside potential our combination creates."

Giant's shareholders will receive $77 per share in cash, and Giant's common stock will cease to trade on the New York Stock Exchange at the close of trading on May 31.

A recent ruling by the U.S. Court of Appeals denied the Federal Trade Commission's request for an injunction related to the companies' proposed merger.

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

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

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