Join The Discussion

 

Super PAC Men: How political consultants took a Fort Worth oilman on a wild ride

The head of a Texas oil dynasty joined the parade of wealthy political donors, aiming to flip the Senate to Republicans. By the time consultants were done with him, the war chest was drained and fraud allegations were flying

read more >

Bridge collapse on I-35 north of Austin

SALADO, Texas (AP) — Emergency crews are responding to a reported bridge collapse along an interstate in Central Texas.

read more >

Latin-inspired restaurant set to open in downtown Fort Worth

Downtown Fort Worth’s dining scene is about to get spicier with the opening of a new restaurant featuring Latin-inspired coastal cuisine.

read more >

Amazon begins Prime Now program in Dallas area

If you just have to have it now, as in one hour, you can, at least in the Dallas area, as Amazon.com Inc. announced Thursday it will offer Prime Now.

read more >

Texas jobless rate falls as employers add workers

Texas unemployment fell to 4.3 percent during February for the sixth straight month of declines, the Texas Workforce Commission reported Friday.

read more >

 

Energy Transfer buying Susser Hldgs in $1.8B deal

DALLAS (AP) — Energy Transfer Partners LP is buying Susser Holdings Corp., an operator of convenience stores that sell gas, in a deal valued at about $1.8 billion.

Energy Transfer bought Sunoco Inc. for about $5.5 billion in 2012. The company said that adding Corpus Christi-based Susser to Sunoco's more than 5,000 retail stores —which are mostly on the East Coast — will expand Sunoco's geographic reach. Susser operates 630 Stripes and Sac-N-Pac convenience stores in New Mexico, Oklahoma and Texas.

Susser shareholders will choose either $80.25 in cash, 1.4506 Energy Transfer common units, or a combination of both for each share held.

The transaction will give Energy Transfer ownership of the general partner interest and incentive distribution rights in Susser Petroleum Partners LP, about 11 million Susser Petroleum common units and Susser Holdings' retail operations.

Energy Transfer anticipates more than $70 million in annual savings and foresees the possibility of additional savings.

Sunoco President and CEO Bob Owens will take on those roles for the combines businesses. He will report to Energy Transfer Chairman and CEO Kelcy Warren. Sam Susser will remain chairman of Susser Petroleum, which will continue to be based in Houston and trade on the New York Stock Exchange.

The deal, which was unanimously approved by Susser Holdings and Energy Transfer's boards, is targeted to close in the third quarter. It still needs approval from Susser Holdings' shareholders.
 

< back

Email   email
hide
Catch
How 'bout them Cowboys?