August 29, 2006 |
Western Refining Inc. said Monday that it was buying Giant Industries Inc. for $1.23 billion in cash, creating the fourth-largest publicly traded independent oil refiner in the U.S. The combined company will have the capacity to handle about 216,000 barrels a day from four refineries. That is about 84% more than Western's current capacity. Western already has a refinery in El Paso, where it is based. The deal will give it an East Coast presence with a refinery in Yorktown, Va.