The merger of Diamond Shamrock, Inc. and Ultramar Corporation on December 3, 1996, into Ultramar Diamond Shamrock Corporation, leveraged both companies considerable strengths in petroleum refining and marketing and created new opportunities for cost savings and strategic expansion.
In the merger of equals, each share of Diamond Shamrock stock was converted into 1.02 shares of Ultramar common stock. The new company has combined revenues of more than $9 billion, an estimated $4 billion in assets, and approximately 17,000 employees.
Ultramar Diamond Shamrock will benefit from enhanced earnings growth prospects, less earnings volatility, increased geographic diversity of revenues, and significant merger savings. Cost savings related to the merger are projected to be at least $75 million annually, primarily from operating synergies and reduction of overhead and administrative costs.
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