Valero spins off retail unit CST Brands

Valero spins off retail unit CST Brands to shareholders; stock begins trading on Thursday

Associated Press

SAN ANTONIO (AP) -- Valero Energy Corp. spun off its retail business into CST Brands Inc. on Wednesday.

CST Brands includes Corner Store and Depanneur du Coin gas and convenience stores. They have 1,900 locations in the U.S. and recorded $13.1 billion in revenue last year.

Valero distributed 80 percent of CST shares to Valero stockholders. Trading is set to begin on Thursday on the New York Stock Exchange under the ticker symbol "CST."

It was already trading on a when-issued basis, and on Wednesday it was up $1.30, or 4.3 percent, to $31.40. 'When-issued' trades can be made but don't settle until the stock is actually issued.

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