The Competition Authority has today cleared the way for Chevron Ireland to take full ownership of Texoil, in which it own a 50 per cent stake.
Texoil was formed in 1995 and is one of Ireland's leading fuel distributers. It is jointly owned by Chevron and Irishman Tom Kirrane. It employs 160 staff at depots across the country. The company currently buys 90 per cent of its fuel from Chevron.
The Authority said in a statement this morning that the proposed acquision did not raise competition concerns.
Terms of the deal have not been disclosed.
In 2007, Texoil made a pre-tax profit of €2.8 million, which brought retained profits to €7.2million.
Last year it signed a deal with wholesale food and drinks group ADM Londis to operate forecourt shops at 20 new Texaco service stations to be predominantly located in Munster and the west of Ireland as part of a joint €25 million investment by the companies.
