Valero to Sell Assets to Win OK for Acquisition
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Valero, the fuel transporter controlled by refiner Valero Energy Corp., agreed to sell five oil products terminals and a pipeline system to gain approval from antitrust regulators for its $2-billion acquisition of Kaneb Services and Kaneb Pipe Line Partners.
San Antonio-based Valero said it would sell to third parties Kaneb’s refined products terminals in Paulsboro, N.J.; Philadelphia; Martinez, Calif.; and Richmond, Calif. The company will also sell Kaneb’s West Pipeline system and associated terminals.
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