First Hawaiian completes buy of Pacific branches

First Hawaiian Bank yesterday completed its acquisition of Union Bank of California's branch network in Guam and Saipan, assuming deposits of about $200 million.

Former Union Bank customers were told they may now bank at First Hawaiian branches at Maite and Dededo in Guam and in Saipan at Gualo Lai and the former Union Bank branch at Chalan Laulau. First Hawaiian Bank, the major subsidiary of Honolulu-based BancWest Corp., has been operating in Guam since 1970 and Saipan since 1997. Terms of the deal were not disclosed.

Tesoro Petroleum Crop. acquires gas stations

Tesoro Petroleum Corp., owner of a refinery and retail gas stations in Hawaii, said it has completed its acquisition of Gull Industries, which has 46 retail fuel operations in Washington, Oregon and Idaho. The price was not disclosed.

Last week Tesoro bought a crude-oil pipeline in North Dakota for $90 million. The company, based in San Antonio, got involved in Hawaii in 1998, when it bought BHP Hawaii, an Australia-owned refining and retail gasoline business. In addition to the Campbell Industrial Park refinery in West Oahu, Tesoro owns 36 fuel stations in Hawaii. The company owns five refineries in the Western United States, and more than 200 retail gasoline stations on the mainland as well as operating more than 400 others.

Dynegy-Enron deal nearly set, sources say

NEW YORK >> Dynegy Inc. is close to finalizing a deal to buy its much larger, albeit troubled, rival Enron Corp., for between $7 billion and $8 billion in stock, a source said.

The deal could be announced today and would include an immediate infusion of about $1.5 billion from ChevronTexaco Corp., which owns more than a quarter of Dynegy, the source said. ChevronTexaco would contribute an additional $1 billion upon completion of the deal, though the source said talks could still fall apart.

Yesterday, Enron said it overstated earnings by about 20 percent over the past four years and kept large amounts of debt off its balance sheets through business partnerships now under SEC investigation.