The American VALERO ENERGY, specialist in refining, bought its fellow national UDS - ULTRAMAR DIAMOND SHAMROCK for USD 4 billion in cash and shares (plus 2 billion in debt take-over), creating the second largest the refining business in the United States after EXXONMOBIL. Its turnover will total USD 32 billion annually with a refining capacity of close to 2 million barrels per day and with a staff of 23,000 people). The USD shareholders will receive 1.228 VALERO shares per UDS share for around half the shares. The other half will be paid at USD 55 per UDS share.