BUSINESS BRIEFS
Bank merger gains support

Advertiser Staff

The merger of Central Pacific Financial Corp. and CB Bancshares, the parent of City Bank, got the nod from Institutional Shareholder Services, a Maryland proxy advisory firm hired by the banks' major shareholders. ISS said shareholders should support the merger based on the "market premium (offered for City Bank), the fairness opinion and the potential strategic synergies." Both banks will hold their shareholders meetings on Sept. 13 to vote on the merger, which needs 75 percent support.

Tesoro awarded military contract

San Antonio, Texas-based Tesoro Petroleum yesterday received a $95.7 million contract to provide jet fuel for the Defense Energy Support Center. Work on the contract, which expires Oct 30, 2005, will be done on O'ahu and in Salt Lake City, Utah. As of Aug. 23 the energy support center had provided about 3 billion gallons of jet fuel to support military operations in Afghanistan an Iraq.

Union 76 sale completed

Mid Pac Petroleum LLC yesterday said it completed the purchase of 34 local Union 76 gasoline stations, two Neighbor Island terminals and rights to the Union 76 brand in Hawai'i from ConocoPhillips for $38.2 million.

Mid Pac is a wholly owned subsidiary of Singapore-based investment holding company K1 Ventures Ltd.

Kapalua hotel purchase final

Maui Land & Pineapple Co. said yesterday it has completed the purchase of the leasehold interest in the Kapalua Bay Hotel with its partners Marriott International and Exclusive Resorts LLC.

State to solicit Kaka'ako plans

The state agency governing development in Kaka'ako yesterday said it intends to formally solicit developers interested in remaking the largely industrial waterfront along Kewalo Basin into a mixed-use neighborhood. The Hawai'i Community Development Authority did not specify a timetable, but said it wants to present the prime redevelopment opportunity to the broadest spectrum of developers possible.