Valero Energy (VLO) Issues Update on Proposed TRN Acquisition
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Valero Energy Corporation (NYSE: VLO) announced that the company does not expect to acquire The Dow Chemical Company's (NYSE: DOW) 45% interest in the Total Raffinaderij Nederland N.V. (TRN). Dow has informed the company that Total S.A. (NYSE: TOT) has given official notice that it intends to exercise its right-of-first refusal as the refinery operator and owner of the remaining 55% interest in TRN. Valero had previously announced the agreement to acquire Dow's interest in TRN on May 20, subject to regulatory approval and the right-of-first refusal held by Total.
"Total's action clearly confirms our assessment that the TRN refinery is a world-class facility and our purchase price was attractive," said Valero Chairman and Chief Executive Officer Bill Klesse. "Although we are disappointed about this result, we will continue to seek opportunities to acquire high-quality assets at attractive prices."
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