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Background
Shell is unit of Anglo-Dutch com­pa­ny, Royal/Dutch Shell GP
In Feb, Shell acquired for­mer Texaco’s 44% inter­est in Equi­lon Enter­pris­es LLC & owns 50% of Moti­va Enter­pris­es LLC
Shell is world’s #3 oil com­pa­ny
P-QS also mar­kets car-care prod­ucts like sham­poos
Says
“We were caught in the US with­out a pas­sen­ger-car motor oil.” — Rob Routs, pres­i­dent & chief exec­u­tive of Shell Oil Prod­ucts US
“Pennzoil-Quak­er State has been around for 70 years. We will build on their mar­ket share.” — Rob Routs
“Com­bin­ing Shell’s net­works & infra­struc­ture & Pennzoil-Quak­er State Co’s lead­ing motor oil brands & port­fo­lio of oth­er busi­ness­es … will be a great strate­gic fit & will posi­tion Shell as a leader in the US lubri­cants & car care busi­ness.” — Rob Routs
Significant Points
Under­scores Shell resolve to be lead­ing par­tic­i­pant in US refined prod­ucts mar­ket
Shell is already biggest gaso­line mar­keter in US w/ 14% mar­ket share
P-QS says deal w/ Shell large­ly to increase share­hold­er val­ue
Shell to pay $22/ share & assume $1.1B debt from P-QS
Shell to buy Pennzoil-Quak­er State in bid to lead refined oil mar­ket
Gives Shell major motor-oil brand & net­work of oil-change cen­ters
Deal requires Pennzoil-Quak­er Stake board, share­hold­er & reg­u­la­to­ry approval
Expect­ed com­ple­tion by 2nd half 2002
P-QS is biggest mak­er of motor oil in US & owns Jiffy Lube
Jiffy Lube has > 2,000 oil-change cen­ters in US