Valero Energy Corp. (VLO) said Friday that it does not expect to acquire The Dow Chemical Company's (DOW) 45% stake in the Total Raffinaderij Nederland N.V. Or TRN crude oil refinery.
The San Antonio, Texas-based Valero said Dow has informed the company that Total S.A.(TOT), which owns the remaining 55% in TRN, has announced its intention to exercise its right-of-first refusal.
Middle May, Valero signed a deal to acquire Dow's 45% interest in TRN for an enterprise value of about $725 million, including working capital and inventories. The deal was subject to regulatory approval and the right-of-first refusal held by Total.
TRN is located in the Zeeland region of the Netherlands on the river Scheldt and has about 400 employees. The facility has total throughput capacity of 190 thousand barrels per day. TRN's refinery has a large, distillate-hydro cracking unit with capacity of 68 thousand barrels per day. TRN also owns an interest in the Massvlatke Olie Terminal in Rotterdam, which is one of the largest oil terminals in the world.
Valero Chairman and Chief Executive Officer Bill Klesse said, "although we are disappointed about this result, we will continue to seek opportunities to acquire high-quality assets at attractive prices."
VLO is currently up $0.27 or 1.55% and trades at $17.69. DOW is currently up $0.26 or 1.61% and trades at $16.41.
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