Financial and Banking News
INVESTMENT ACTIVITIES
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...
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