Did Tesoro Officials Sell On Insider Information?
Tesoro Corporation (NYSE:TSO) announced on August 13, 2012, that its board of directors had approved a deal to acquire BP's fully integrated Southern California refining and marketing division.
Considering that company insiders sold hundreds of thousands of dollars through insider transactions in the weeks leading up to the announcement of the purchase, it appears some of the company's executives may have been trading on privileged information.
The company stated that it plans to buy BP's assets for $1.174 billion, however the deal is still subject to approval, and likely will not be completed until sometime in 2013.
"This transaction is a unique opportunity for Tesoro to combine the best aspects of two West Coast refining and marketing businesses resulting in a more efficient integrated refining, marketing and logistics system," said Greg Goff, CEO.
Goff added that Tesoro's expertise in the challenges of operating in California would help BP's operations generate "significant" operational efficiencies while meeting the demand from the market and lowering harmful emissions.
In the first week of August, vice president and treasurer Tracy Jackson sold 2,021 shares for a total of $65,680.
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