Valero Energy and Plains All American Pipeline are terminating plans for an acquisition of two petroleum storage terminals in California owned by Plains.
Despite the Federal Trade Commission electing not to pursue any regulatory action regarding the transaction, the Office of the Attorney General for the State of California filed a suit seeking to block the transaction.
The District Court for the Northern District of California denied the motion for a temporary restraining order and its motion for a preliminary injunction.
However, both companies decided 'it is in their best interest to terminate the transaction rather than endure the continued uncertainty that a lengthy trial would create for the California-based employees and customers of the terminals, as well as the considerable expense associated with defending a taxpayer-funded lawsuit.'
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