By Nashville Business Journal

Brentwood-based Delek US Holdings announced today it has acquired the remaining 11.7 percent portion of Lion Oil Company from a group of more than 20 private investors.

Delek (NYSE: DK), a diversified petroleum and energy company, paid about $13 million to bump its ownership in Lion Oil from 88.3 percent to 100 percent.

In 2007, Delek bought a 34.6 percent minority interest in Jackson, Miss.-based Lion Oil. Earlier this year it increased its ownership to 88.3 percent.

⿿By assuming sole ownership of Lion Oil, we have increased flexibility with which to pursue a wider range of strategic initiatives capable of unlocking value for our shareholders, specifically as it relates to the growth and development of our marketing and logistics business,⿝ said Uzi Yemin, president and CEO of Delek, in a press release.

⿿Lion⿿s three product distribution terminals, two crude pipelines and several hundred mile gathering system are now wholly-owned by Delek US. These assets join the three wholly-owned product terminals and pipelines held by our other subsidiaries to comprise a network of logistics assets that span from West Texas into the Mid-Continent. Over time, we intend to further grow this area of our business as we seek to expand our inland presence in the downstream energy markets.⿝

As of 9:20 a.m., shares of Delek were up 10 cents, to $13.76.

Copyright 2011 American City Business Journals
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