
much better position after a recent improvement in refining margins and reduction in its debt. The acquisition of Giant Industries in 2007 almost doubled Western Refining's refining capacity, but also left the company in a precarious financial
district court ruled against the Federal Trade Commission's attempt to block Western Refining's WNR merger with Giant Industries GI. We are not surprised by this decision, and are sticking to our fair value estimate. The FTC still plans to
Federal Trade Commission (FTC) filed suit April 12 against Western Refining WNR to stop its proposed acquisition of Giant Industries GI. The FTC claims that if the acquisition is consummated, the combined firm would injure consumers by controlling