- Shareholders of Tesoro (TSO -1%) and Western Refining (WNR -0.9%) approve the $6.4B merger deal between the two companies, which continue to expect the merger to close in H1 2017.
- At separate stockholder meetings, TSO owners approved issuing shares for the deal while WNR stockholders cleared the company's acquisition; TSO shareholders voted 99% in favor, and WNR owners voted 80% in favor.
- Analysts see the deal as filling a gap in TSO's portfolio by giving it access to pipeline and refineries that connect to the lucrative Permian Basin.