Six months after completing its spinoff of CST Brands(CST), Valero(VLO) has sold off all of its remaining shares in the convenience store operator, CST announced yesterday. Valero sold 15,079,448 shares in an underwritten public offering after the underwriters exercised their over-allotment option in full. CST has risen 8.98% since its May 2 close, lagging the S&P 500. Nonetheless, given… Read More »
Thanks to several alert readers who point out that, while we were asleep at the wheel, Valero(VLO) announced the final details of its CST Brands spinoff. It was just last week that we reported the company was two steps away. Those steps are now complete. Valero issued a press release on April 4, confirming that it had received… Read More »
Investors who have long been anticipating Valero’s(VLO) spinoff of retail division CST Brands(CST) won’t have to wait much longer. According to Convenience Store News, Valero Chief Financial Officer Mike Ciskowski said at a recent luncheon that the company was just waiting for an IRS ruling that the transaction would be tax free to shareholders, and for final Board… Read More »
Earnings season is always chock full of spinoff news. Valero (VLO) recently provided updates on its upcoming retail segment spinoff during its Q4 conference call and during a presentation at the Credit Suisse Energy Summit. PDF versions of the transcript & presentation can be found here. The new company, CST Brands, operates ~1,900 retail fuel and merchandise sites… Read More »