HOUSTON, Sept. 27 /PRNewswire-FirstCall/ -- Pennzoil-Quaker State Company
(NYSE: PZL) today confirmed that the U.S. Federal Trade Commission (FTC) has
cleared its acquisition by Shell Oil Company, a wholly-owned member of the
Royal Dutch/Shell Group of Companies (NYSE: RD). Shell Oil Company and
Pennzoil-Quaker State Company have entered into a consent order with the FTC
that resolves the agency's concerns regarding the US group II base oil
marketplace. The Company expects the transaction to be completed on
October 1, 2002. Following the closing, Pennzoil-Quaker State Company
shareholders will receive $22 in cash per share.
Note: The statement regarding the expected closing date of the transaction
is a forward-looking statement that involves certain risks, uncertainties and
assumptions. These include but are not limited to delays in the transaction,
closing conditions not being satisfied and other factors detailed in Pennzoil-
Quaker State Company's most recent proxy statement, Form 10-K and other
filings with the Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those indicated.
SOURCE Pennzoil-Quaker State Company
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Related links:
http://www.pennzoil-quakerstate.com
Company News On-Call:
http://www.prnewswire.com/comp/684550.html
CONTACT:
media, Ray Scippa, +1-713-546-8942, or
investors, Jay Roueche, +1-713-546-4961, both of Pennzoil-Quaker
State Company
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