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Ultramar Corp., Long Beach, and Diamond Shamrock Inc., San Antonio, have agreed to "a merger of equals" that vaults the resulting company into the top rank of U.S. independent refiner/marketers.
The merger creates a combined concern with a significantly broader geographical reach in refining and marketing. The new company will have combined revenues of more than $8 billion and combined equity market value in excess of $2.3 billion.
The merger gives Diamond Shamrock access to Ultramar's established markets in California and eastern Canada, while Ultramar gains from its partner a strong presence in the U.S. Southwest.
Diamond Shamrock's shareholders will receive 1.02 shares of Ultramar common stock for each Diamond Shamrock share they …