Shell to Cut Jobs, Shed Stations in Acquisition
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Royal Dutch/Shell Group plans to cut as much as 15% of jobs in the U.S. gasoline businesses it’s buying from ChevronTexaco Corp., slashing $500 million a year in costs as it sheds about 30% of the Texaco stations it’s acquiring.
Shell also plans to spend more than $500 million to put its logo on about 11,000 Texaco stations it will keep and to revamp its other stations in the U.S.
The U.S. shares of Shell fell 1 cent to $49.13 on the NYSE. San Francisco-based ChevronTexaco, the No. 2 U.S. oil company, rose 10 cents to $81.85, also on the NYSE.
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