California approves Tesoro's buy of BP refinery


U.S. refiner Tesoro Corp has received formal approval from California's attorney general to buy a BP Plc refinery for more than $2 billion.

Attorney General Kamala Harris said her office and the California Energy Commission would monitor gas prices, volume and refinery capacity. A deal with the company also provides for safeguards against price spikes.

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The U.S. Federal Trade Commission, which assessed the deal to ensure it complies with antitrust law, also approved the proposed transaction on Friday.

(Reporting by Diane Bartz; Editing by Richard Chang)