Valero Acquires Pembroke Refinery (VLO)

Goldman Sachs issued a report revealing that Valero (VLO) has acquired Chevron's Pembroke Refinery.

Goldman Sachs reports” On March 11, Valero announced that it had reached agreement to acquire Chevron's 270,000 b/d Pembroke refinery (Wales, UK) as well as its marketing and logistics assets in the UK and Ireland for $730 million ($480 million allocated to refining, $250 million to marketing), plus total working capital and inventory of about $1 million using current market prices.”

Valero shares closed at $27.98 on Friday with a Price Target of 426.00.