Valero and Premcor Win FTC Approval of $8 Billion Oil Industry Merger

September 1, 2005

Cleary Gottlieb recently won approval from the Federal Trade Commission for Valero Energy Corp.’s $8 billion acquisition of Premcor Inc. The transaction was cleared without condition, after the FTC closed a thorough investigation and the Hart-Scott-Rodino waiting period lapsed. Cleary advised Premcor on the antitrust aspects of the merger, which created the largest refiner of petroleum products in North America.