Valero Reverses Course by Acquiring Valero Energy Partners
On Oct. 18, Valero announced it plans to acquire the third of Valero Energy Partners it does not already own for $42.25/share, or $950 million. The valuation represents a discount to our published fair value estimate for VLP of $45/share and a 12% premium to the 30-trading-day volume-weighted average price. In our sum-of-the-parts valuation for Valero, we valued its interest in VLP on a post-tax basis, and so we are leaving our fair value estimate unchanged, assuming consolidation of those earni...Valero Energy is an international manufacturer and marketer of transportation fuels and petrochemical products. The company's segments include: Refining, which includes its refining operations, the associated marketing activities, and logistics assets that support its refining operations; Ethanol, which includes its ethanol operations, the associated marketing activities, and logistics assets that support its ethanol operations; and Renewable Diesel, which includes the operations of its joint ventture, Diamond Green Diesel Holdings LLC, which owns and operates a renewable diesel plant in Norco, LA.
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