Valero May Reap Up To $4B From Gas Station Biz Spinoff

Law360, New York (July 31, 2012, 4:09 PM EDT) -- Texas-based energy giant Valero Energy Corp. plans to sell off its almost 1,000 gas stations and keep only its refining business, it announced Tuesday, a move that an industry expert said could net the company and its shareholders as much as $4 billion.

In a statement announcing its second-quarter earnings, Valero said that its board of directors had authorized management to sell or spin off its retail operations in North America, including nearly 1,000 fuel stations in the U.S. Valero is considering several options by which...
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