SAN ANTONIO (AP) -- Refinery operator Valero Energy Corp. said Friday that its board approved the spinoff of its gas station and convenience store business, CST Brands.
Valero will distribute 80 percent of CST Brands' common stock to Valero shareholders on May 1. Valero shareholders will receive one share of CST Brands for every nine of their Valero shares.
The company had announced its intent to split off its retail gasoline business last summer.
CST Brands Inc. will be an independent, publicly traded company with about 1,900 locations in the U.S. and Canada. Like Valero, it will be based in San Antonio. Shares will trade on the New York Stock Exchange under the ticker symbol "CST."
Valero intends to begin cutting its remaining 20 percent stake in CST after six months. Valero's ticker will remain "VLO."
Valero shares dipped 28 cents to $41.16 in morning trading.