Valero Prepares to Sell Remaining Stake in Spinoff
SAN ANTONIO – Valero Energy Corp. filed with the U.S. Securities and Exchange Commission to sell its remaining 20-percent stake in CST Brands Inc. Eighty percent of the retailer was sold to the general public when CST Brands – operator of 1,040 U.S. Corner Store locations – was spun off in an initial public offering on the New York Stock Exchange on May 1.
According to the San Antonio Express-News, Valero will sell the remaining 13,112,564 shares it owns in CST Brands "as soon as practicable."
As CSNews Online previously reported, Valero said it will sell its remaining CST Brands stake within 18 months. Proceeds from the 13 million-plus shares will go directly to Valero.
As of Sept. 30, CST Brands has 76 million shares outstanding, and approximately 6,000 shareholders on record.
In addition to its 1,040 U.S. convenience stores and gas stations, San Antonio-based CST Brands also operates more than 800 c-stores in Canada under the Dēpanneur du Coin banner.
Valero Energy Corp. spun off CST Brands Inc. in an effort to focus on its exploration and production operations.