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The San Antonio, Texas-based independent refiner will scoop up its across-the-state competitor by exchanging $4.1 billion worth of its shares and picking up $1.7 billion worth of debt.
Cramer likes Altria and Philip Morris and says Freeport-McMoRan can't be killed.
The Fed, oil prices and the looming 'Brexit' vote are pushing stocks lower, Cramer says. Next week you'll find lots of bargains on quality names.