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Article: Valero deal wows Dow, faces feds' eye.
- Article from:
- San Antonio Express-News (San Antonio, TX)
- Article date:
- April 26, 2005
CopyrightCOPYRIGHT 2005 San Antonio Express-News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Vicki Vaughan
Apr. 26--Nothing much stands in the way of Valero Energy Corp.'s plans to acquire Connecticut-based Premcor, a major independent refiner, in an $8 billion deal.
Except for federal regulators. They're likely to give Valero's merger plan close scrutiny, and that could slow its completion, analysts said.
San Antonio-based Valero, sharing details of its merger plans Monday in New York, said it hopes to complete its purchase of Premcor by Dec. 31.
The news buoyed Wall Street, sending the Dow higher and giving a major boost to Premcor's stock, which soared $10.70 a share to close at $69.70. Valero's shares rose 83 ...