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Stock Market & Financial Investment News

News Breaks
May 12, 2014
07:29 EDTMPC, CLMT, PBF, ALJMorgan Stanley to hold a conference
Refining Corporate Access Day to be held in New York on May 12.
News For ALJ;CLMT;MPC;PBF From The Last 14 Days
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April 20, 2015
15:35 EDTMPCSenator to introduce legislation to repeal U.S. crude export ban, Fuelfix says
Senator Lisa Murkowski, the head of the Senate Energy and Natural Resources Committee, pledged during the IHS Energy CERAWeek conference to advance legislation lifting the U.S. ban on crude oil exports, reported Fuelfix. Publicly traded refiners include Delek US (DK), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), Tesoro (TSO), Valero (VLO) and Western Refining (WNR). Reference Link
14:56 EDTMPCSenator to introduce legislation to repeal U.S. crude export ban, Reuter says
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06:19 EDTPBF, MPCCiti still bullish on U.S. Refiners, Marathon Petroleum a top pick
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April 15, 2015
08:27 EDTALJDelek, Alon USA deal should create additional value, says Cowen
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April 14, 2015
18:30 EDTALJOn The Fly: After Hours Movers
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17:16 EDTALJDelek US to acquire 48% ownership interest in Alon USA Energy
Delek US Holdings (DK) announced that it has entered into a definitive stock purchase agreement with Alon Israel Oil Company to acquire approximately 33.7M shares, or approximately 48% of the outstanding shares, of Alon USA Energy (ALJ) common stock owned by Alon Israel. Prior to commencing negotiations with Alon Israel, Delek US entered into a stockholder agreement with Alon USA. During the first year following the closing of this transaction, the agreement allows Delek US to acquire up to 49.99 percent of the outstanding shares of Alon USA at its discretion, with additional ownership above this threshold subject to approval of Alon USA’s board of directors. The stockholder agreement will expire on the first anniversary of the closing of this transaction, and Delek US will then have no further restrictions on ownership in Alon USA. The consideration to be paid by Delek US to acquire the Alon USA common stock will consist of the issuance of 6M shares of restricted Delek US common stock to Alon Israel, an unsecured $145M promissory note payable to Alon Israel maturing in January 2021 and $200M of cash that will be funded with a combination of cash on hand and borrowings on new or existing credit facilities. An additional 200,000 shares of Delek US common stock may be issued to Alon Israel under certain circumstances as outlined in the agreement. The approximate value of the transaction consideration is $572.4M based upon a closing price of $37.90 per share of Delek US common stock on April 14. The transaction is expected to close in the second half of May subject to customary governmental and other third party approvals.

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