The American Federal Trade Commission has approved the $US5.3 billion merger between Valero Energy Corp and Diamond Shamrock Corp, which will create the second-largest US oil refinery behind ExxonMobil Corp.
It approved the takeover after Valero agreed to sell an Ultramar refinery in the San Francisco area and divest itself of 70 petrol stations in northern California. The combined company will have 12 refineries in the US and Canada. Valero, which owns no petrol stations, will acquire 5,000 Ultramar retail outlets.
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