Valero L.P. Receives Antitrust Clearance of Kaneb Merger
15 Giugno 2005 - 9:37PM
Business Wire
Valero L.P. (NYSE:VLI) announced today that the U.S. Federal Trade
Commission (FTC) approved a consent decree for the proposed merger
of Valero L.P. and Kaneb Services LLC (NYSE:KSL) and Kaneb Pipe
Line Partners, L.P. (NYSE:KPP). The merger is expected to close on
July 1, 2005. "We are pleased to receive FTC clearance and are
excited about combining these two great organizations," said Curt
Anastasio, president and chief executive officer of Valero L.P.
"With our combined operations, we see outstanding opportunities to
increase unitholder value through a wider array of growth
opportunities than either partnership had independently. What's
more, we expect that the merger will be accretive to cash flow and
will position the partnership for further distribution increases.
In fact, after closing on the transaction, management intends to
recommend to our board of directors an increase in the annual
distribution rate from $3.20 per unit to $3.42 per unit," he said.
As previously announced, the FTC's consent decree requires Valero
L.P. to divest certain Kaneb assets in the Philadelphia area,
Colorado and the San Francisco Bay area. Valero L.P. officials said
the response from potential third-party purchasers of these assets
to date has been very strong and they are confident that these
assets can be divested quickly at a favorable price. About Valero
L.P. A master limited partnership, Valero L.P. owns and operates
crude oil and refined product pipelines, refined product terminals
and crude oil storage facilities located predominantly in Texas,
New Mexico, Colorado, Oklahoma, California, New Jersey and Mexico.
The partnership's crude oil pipelines and storage facilities supply
nine of Valero Energy Corp.'s key refineries with domestic and
foreign crude oil and other feedstocks. Its refined product
pipelines and terminals primarily supply gasoline and distillates
to established and growing markets in the Mid-Continent, Southwest
and Texas-Mexico border region of the United States. Valero L.P.'s
primary customer is Valero Energy Corporation, which has a limited
partnership interest and 2 percent general partnership interest in
Valero L.P. For more information, visit Valero L.P.'s web site at
www.valerolp.com. About Kaneb Kaneb is a single business
represented by two separate publicly traded entities on the New
York Stock Exchange. Kaneb's business is focused on mid-stream
energy assets -- refined petroleum product pipelines, and petroleum
and specialty liquids storage and terminaling facilities. Kaneb is
a major transporter of refined petroleum products in the Midwest
and is the second largest independent liquids terminaling company
in the world. Worldwide operations include facilities in 29 states,
Canada, the Netherlands Antilles, Australia, New Zealand and the
United Kingdom. Its publicly traded entities are Kaneb Services LLC
(NYSE:KSL) and Kaneb Pipe Line Partners, L.P., (NYSE:KPP). For more
information, visit www.kaneb.com. Cautionary Statement Regarding
Forward-Looking Statements This press release includes
forward-looking statements within the meaning of the Securities
Litigation Reform Act of 1995 regarding future events and the
future financial performance of Valero L.P. All forward-looking
statements are based on the partnership's beliefs as well as
assumptions made by and information currently available to the
partnership. These statements reflect the partnership's current
views with respect to future events and are subject to various
risks, uncertainties and assumptions. These risks, uncertainties
and assumptions are discussed in Valero L.P.'s 2004 annual report
on Form 10-K and subsequent filings with the Securities and
Exchange Commission.
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