Reliance Industries denies move to buy Valero Energy Corp

01-Nov-11

Reliance Industries Ltd (RIL) has denied news that it is looking to buy Valero Energy Corp, as per BusinessStandard. “While it is, and will remain, the policy of Reliance not to comment on market rumors, in light of the materiality of the rumored transaction, Reliance wishes to dispel the rumors and announce that it is not in discussions with Valero nor otherwise considering an acquisition of Valero,” RIL said in a statement. It said it was a company policy to not comment on market speculations but made an exception this time. The company said, “Reliance undertakes no obligation to update this statement and intends to adhere to its ‘no comment’ policy in the future.”