Financial and Banking News


Saudis Acquire Stake in Texas Firm 

TAG Group SA, a Luxembourg-based holding company controlled by Saudi businessman Akram Ojjeh, has agreed to buy as much as 33.3% of the stock of Valero Energy Corporation of Texas for $100mn. TAG will invest $15mn in new preferred stock convertible to common stock and a further $85mn in additional securities, on condition that Valero finds a new supply of feedstock for its $600mn refinery at Corpus...