OLD GREENWICH, Conn., Aug. 30 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) announced that the shareholders of Premcor have approved the
Agreement and Plan of Merger, dated as of April 24, 2005, by and between
Valero Energy Corporation (NYSE: VLO) and Premcor, which provides for the
merger of Premcor into Valero.
Completion of the merger is subject to customary conditions, including the
expiration or termination of the Hart-Scott-Rodino waiting period. The
waiting period is expected to expire on August 31, 2005 and the merger is
expected to be completed on September 1, 2005.
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including the company's current expectations with
respect to future market conditions, future operating results, the future
performance of its refinery operations, and other plans. Words such as
"expects," "intends," "plans," "projects," "believes," "estimates," "may,"
"will," "should," "shall," and similar expressions typically identify such
forward-looking statements. Even though Premcor believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from expectations
include, but are not limited to, operational difficulties, varying market
conditions, potential changes in gasoline, crude oil, distillate, and other
commodity prices, government regulations, and other factors contained from
time to time in the reports filed with the Securities and Exchange Commission
by the company and its subsidiary, The Premcor Refining Group Inc., including
quarterly reports on Form 10-Q, current reports on Form 8-K, and annual
reports on Form 10-K.
SOURCE Premcor Inc.
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Related links:
http://www.premcor.com
CONTACT:
Karyn Ovelmen of Premcor Inc.,
+1-203-698-5964, or Colin Murray, +1-203-698-5921
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