Valero Board Approves Spin-off of CST Brands

Valero Energy Corporation VLO today announced that its Board of Directors has approved the spin-off of its retail business through the distribution of 80 percent of the outstanding shares of CST Brands CST common stock to holders of Valero common stock.The distribution of CST Brands shares is expected to occur on May 1, 2013.  Valero shareholders will receive one share of CST Brands common stock for every nine shares of Valero common stock held as of 5:00 p.m. Eastern Time on the record date of April 19, 2013.  Fractional shares of CST Brands common stock will not be distributed; instead, the distribution agent will aggregate fractional shares into whole shares, sell the whole shares in the open market at prevailing rates, and distribute the net cash proceeds pro rata to each shareholder who would otherwise have been entitled to receive fractional shares.Following the distribution of CST Brands common stock, CST Brands will be an independent, publicly traded company, and Valero will own 20 percent of the common stock of CST Brands.  Valero expects to retain its 20 percent equity interest in CST Brands for six months after the distribution, and thereafter, to divest See full press release