COMPANY NEWS: Shell to buy Pennzoil-Quaker State for $2.9 billion

04/01/2002
Shell Oil Co., a wholly owned member of the Royal Dutch/Shell Group, has agreed to acquire Pennzoil-Quaker State Co. for $1.8 billion in cash and $1.1 billion in debt.The deal is worth $22/share in cash for Pennzoil-Quaker State, which will be integrated into the Shell Oil Products US lubricants organization and will be based in Houston.The Pennzoil-Quaker State board has approved the acquisition. Closing remains subject to approval by stockholders and regulatory reviews. The transaction is expected to be completed in the second half and is expected to be accretive to Shell's earnings and cash flow from the first full year after completion.In other company news, Williams Cos. Inc., Tu...
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