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World Fuel Services Corporation has announced today that its wholly-owned subsidiary, World Fuel Services, Inc., has signed a definitive agreement to acquire select assets of Lakeside Oil Company, Inc., including the assets comprising Lakeside's wholesale motor fuel distribution business.

World Fuel Services said the purchase will be funded from the company's cash on hand.

Lakeside, based in Milwaukee, Wisconsin, with 2009 volume of approximately 350 million gallons, is a branded distributor for BP Products North America, Inc., ExxonMobil Corporation, CITGO Petroleum Corporation and a licensee for Clark Brands, LLC.

Lakeside distributes gasoline and diesel fuel under long-term contracts to more than 250 retail operators in Wisconsin and Minnesota and is also a supplier to industrial, commercial and government customers.

"We look forward to welcoming the Lakeside team to World Fuel," stated Michael J. Kasbar, president and chief operating officer of World Fuel Services Corporation.

"Lakeside will further expand our presence in the branded wholesale market and increase our global land volume to approximately 1 billion gallons," added Kasbar.

"We are extremely pleased to be joining a company with the reputation and capabilities of World Fuel. This transaction will allow us to utilize our market knowledge and further grow the business," stated Bill Elliott, president of Lakeside Oil Company, Inc.

The transaction, which is expected to be $0.06 to $0.08 accretive to earnings in the first twelve months, is subject to customary closing conditions and is expected to be completed within the next ninety days.