Lasmo plc is making headway in its effort to divest certain assets acquired via merger with Ultramar plc as well as some of its noncore assets. Lasmo formed Ultramar Corp. as a vehicle to dispose of most of the refining/marketing assets of Ultramar plc. Lasmo acquired Ultramar plc via merger late last year (OGJ, Dec. 23, 1991, Newsletter). Lasmo is considering offering 100% of the shares of Ultramar Corp. via an initial public offering in the U.S. and Canada. Lasmo said it expects net proceeds from the offering and a related debt offering would be $950 million-$1.05 billion. The company also expects net proceeds of a...

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