Valero Pulls Two Refineries Off the Market As Bidders Vanish (VLO)
For several years Valero Energy Corp. (VLO) has been trying to divest its non-core refining assets, and early bidding action for refineries was fierce (and global) when it began in early 2007. Valero sold its Lima refinery for $1.9 billion, turning a tidy profit and creating a high implied value for the company’s 15 other [...]
Adding Petrobras to Secular Trends Portfolio
Echoing what I just had to say about Potash Corp, I had Petrobras (PBR) on my extremely short list of pickups earlier in the week. When the bottom dropped out of energy and commodities earlier in the week, several companies stood out as the beneficiaries of panic selling. Petrobras shed over $17 billion in market [...]
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