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- 05 Apr
Valero spin-off set for May 1
The wait is over, as the remaining hurdles for spinning off the retail division of Valero have been cleared, and the common stock for the Corner Store company will trade on the New York Stock Exchange under the symbol CST.
The IRS has issued a private letter to Valero acknowledging that the distribution of CST Brands’ common stock will be treated as a tax-free distribution to Valero shareholders. That was one of the remaining hurdles. The last hurdle was for the Valero Energy Board of Directors to approve the spin-off, and that happened on April 4.
Valero share holders will receive one share of the new CST stock for every nine shares of Valero stock.
According to Convenience Store News, Valero was ranked eighth in the Top 20 Growth Chains of c-stores in 2012, when they added 34 stores across the US. Total store count is now 1030.
The Corner Stores chain uses PriceAdvantage for their Fuel Price Management needs across all their US stores.
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