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No. of Recommendations: 3
Valero is a TAKEOVER candidate for company that has crude to refine.

At $66 per share, a buyer would be buying refineries at 66% of replacement cost

Implied value per barrel = $3140 (page 23)

New build cost = $25000 (page 22)

VLO replacement cost = $15000+ (page 22)

Lehman presentation
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