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Tesoro Board Neutral on Tracinda Offer

U.S. refiner Tesorosaid Wednesday its board of directors is neutral on whether shareholders should accept a tender offer from Kirk Kerkorian's Tracinda to buy 16 percent of the company.

The refiner said its board has unanimously approved a plan that would require any investor owning 20 percent of the company to make bid for a majority of the company.

Tracinda would not meet that threshold, because if successful, the investor would own 19.98 percent of Tesoro , the company said.