VLO: Valero Energy Corp. Message Board

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Gold/Mining/Energy : VLO: Valero Energy Corp.

VLO 181.78

+3.4%

Nov 14 9:30 AM EST

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To: Paul Senior who wrote (15)	4/25/2005 8:12:32 AM
From: Wyätt Gwyön	of 299

It will be interesting to see what the market's opinion of the deal is and how these two stocks, PCO and VLO, trade. i think it will be the typical arb reaction (sell the acquirer, buy the acquiree). since VLO is offering cash payment to PCO shareholders in excess of 20% of Friday's close, it will not be surprising to see PCO trade up substantially, to a gap representing the arbs' assessment of the carry value of governmental approval risk. partial divestments aside, however, VLO+PCO will be just slightly larger than XOM is already and Greehey will be arguing that this will ADD market capacity, so i think they have a good argument.

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