Speedway sale closes, but with controversy

Marathon Petroleum Corp.'s $21 billion sale of Speedway and its 3,800 stores to 7-Eleven closed on Friday, but not without criticism from federal regulators. The addition of the 3,800 Speedway stores in 36 states gives 7-Eleven about 14,000 stores in North America. However, the deal closed amid conflicts among members of the Federal Trade Commission, who did not agree on what to do about a transaction they said they have reason to believe was anticompetitive and illegal. "In many local markets, the transaction is either a merger-to-monopoly or reduces the number of competitors from three to two," said Federal Trade Commission Acting Chairwoman Rebecca Kelly Slaughter and Commissioner Rohit Chopra. "With the support of a majority of commissioners, the commission can and routinely does challenge these harmful mergers." "The commission has spent significant resources investigating this transaction but has not yet come to an agreement with the parties and a majority of the commission that would fully resolve the competitive concerns," Slaughter and Chopra said. "(7-Eleven) and Marathon's decision to close under these circumstances is highly unusual, and we are extremely troubled by it. "The parties have closed their transaction at their own risk," the commissioners said. "The commission will continue to investigate to determine an appropriate path forward to address the anticompetitive harm and will also continue to work with State Attorneys General."