Shell Oil to Acquire Pennzoil-Quaker State

Shell Oil Company, a wholly-owned member of the Royal Dutch/Shell Group, and Pennzoil-Quaker State Company announced that they have entered into a definitive agreement under which Shell Oil will acquire Pennzoil-Quaker State at a price of $22 per share in cash.
    
Paul Skinner, managing director of Royal Dutch/Shell Group and CEO of the group’s oil products business, said, “The combination of Shell and Pennzoil-Quaker State, the largest independent lubricants company in the world, will make Shell a leader in the U.S. and global lubricants market. It also strengthens our U.S. oil products business.”