Valero Spinning Off Retail Unit As EPA Changes Loom
Refiner Valero Energy (VLO) said its board approved the expected spinoff of its CST Brands retail motor fuels and convenience store business on May 1. The spinoff comes amid a refinery stock selloff after the EPA last week proposed new rules that are expected to hike costs for refiners. Valero telegraphed its planned spinoff during a quarterly conference call last July. CFO Mike Ciskowski said, "We believe the separation of our retail business by
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