HOUSTON -- Shell Oil Co. late yesterday announced it has reached an agreement to acquire Pennzoil-Quaker State Co. for approximately $1.8 billion in cash plus the assumption of $1.1 billion in debt. The deal is expected to close in the second half, pending review by the Federal Trade Commission and approval by Pennzoil-Quaker State stockholders.

"The addition of Pennzoil and Quaker State, the number one and two brands in the key U.S. passenger car motor oil segment, will ultimately more than replace our use of the Havoline brand and complement Shell's brand strength in diesel engine lubricants," added Rob Routs, president and chief executive officer of Shell Oil Products U.S.

TORONTO -- Imperial Oil Ltd. and Tim Hortons have forged a 10-year alliance. Terms of the deal call for Imperial Oil to serve Tim Hortons' full menu of soups and sandwiches inside many Esso "On the Run" convenience stores.

Simon Smith, Imperial Oil vice president of fuels marketing, will join Tim Hortons CEO and President Paul House and Susan Fennell, Mayor of Brampton, to celebrate the opening of the 2,200th Tim Horton's location and the 100th Esso "On the Run" location.