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Article: Valero to buy Ultramar Diamond Shamrock
- Article from:
- THE JOURNAL RECORD
- Article date:
- May 8, 2001
CopyrightCopyright 2001 The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK (BridgeNews) -- Valero Energy is buying Ultramar Diamond
Shamrock in a $6 billion deal that will make Valero the second-
biggest U.S. oil refiner.
The merger comes as the energy sector continues to consolidate and
as refining margins surge, putting a premium on the sort of assets
Valero is getting from UDS.
"We continue to see gasoline demand better than last year's levels
and expect to see a good driving season," said Bill Greehey, Valero's
chairman and chief executive officer. "And now more than ever, Valero
is poised to seize the greatest benefits from these fundamentals
because we will continue to have the most leverage to improved
refining margins."
Greehey said Valero ...