Hints and tips:
...Valero's $8bn acquisition of Premcor in April now looks particularly well-timed. The time to worry will be when investors start believing that super-high refining margins are here forever....
...Valero Energy saw shares add 1.1 per cent for the session when the company announced it would take over Premcor, another refiner, for about $8bn. Shares in Premcor gained 18.1 per cent....
...In corporate news, shares of Valero Energy rose 1.1 per cent to $75.87 after the company said it would take over Premcor for $8bn. Shares in Premcor gained 18.1 per cent to $69.70....
...The oil price rise followed a spate of power failures in BP, ConocoPhillips and Premcor refineries....
...US refiner Premcor this week temporary shut down its Port Arthur refinery in Texas....
...Boosting the US market was news that Valero Energy had agreed to buy refining rival Premcor for $6.9bn....
...And despite recent high-profile transactions such as Valero’s $8bn bid for Premcor, announced mergers and acquisitions volume dropped 7 per cent sequentially to $164bn....
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