Esso may sell 150 gas stations.
Exxon Mobil Corp. is an "advanced stage" of negotiations
with France's Total S.A. and its local subsidiary, Total Petroleum
Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. Corp., to divest 150 Esso gas stations here, reports
Caribbean Business (March 1, 2007). Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Co., a US real-estate
developer A real estate developer (American English) or property developer (British English) makes improvements of some kind to real property, thereby increasing its value. In legal form the developer may be an individual, but is more often a partnership, limited liability company or and subsidiary of CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , is reportedly negotiating
the sale on behalf of Exxon Mobil Corp. There are 179
company/dealer-owned Esso stations here; sources say Exxon intends to
leave the local market entirely by the third quarter of this year.
It's not clear whether the remaining 29 stations would be closed or
sold to a third party. Total entered the local market in Nov. 2004 when
it acquired 100 GPR- and Citgo-branded stations, which gave it control
of 6% of the island market.. With 150 more stations, Total would expand
market share to nearly 18%, second only to Texaco, which owns 312
stations.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007 Gale, Cengage Learning. All rights reserved.
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