Western Refining has agreed to buy the shares of Northern Tier Energy it does not already own. Northern Tier, which owns a 97,800-barrel-per-day refinery in St. Paul Park, Minnesota, will become a wholly owned subsidiary of Western Refining. Western Refining currently owns 38% of Northern Tier. It made an offer to buy the remaining shares of Northern Tier for $2.5 billion in October.
Northern Tier President and CEO Dave Lamp will become president and COO of Western Refining. Paul Foster will remain executive chairman of Western Refining and Jeff Stevens will remain CEO.
The transaction is expected to close in the first half of 2016.
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