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Just a decade ago, Valero Energy, then a modest regional refiner, stunned the retail world. The company paid $4 billion in stock and cash to acquire Ultramar Diamond Shamrock, suddenly making Valero the nation’s second largest refiner-marketer.
“We’re taking two of the best independent refining and marketing companies and really becoming the premier U.S. refining and marketing company,” said Bill Greehey, Valero’s chairman and CEO at the time, which was May 2001.

