India’s Reliance denies attempt to buy Valero

31 October 2011 17:03  [Source: ICIS news]

HOUSTON (ICIS)--Reliance Industries is not in a discussion to buy out US energy major Valero, the India-based conglomerate said on Monday.

“In light of the materiality of the rumoured transaction, Reliance wishes to dispel the rumours and announce that it is not in discussions with Valero no otherwise considering an acquisition of Valero,” a company statement said.

Valero spokesman Bill Day said Valero “is not offering a comment on Reliance’s statement” that it was not offering to purchase Valero. Valero is the largest refining company in the US.

On 26 October, the UK’s Daily Mail reported Reliance Industries was set to offer $48 per share for Valero, which was double the company share price at the time. The company’s stock shot up about 15% on this news.

By: Sheena Martin
+1 713 525 2653

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