Six months after completing its spinoff of CST Brands(CST), Valero(VLO) has sold off all of its remaining shares in the convenience store operator, CST announced yesterday. Valero sold 15,079,448 shares in an underwritten public offering after the underwriters exercised their over-allotment option in full. CST has risen 8.98% since its May 2 close, lagging the S&P 500. Nonetheless, given the offering price of $31, Valero likely received close to $465 million in proceeds from its sale of the shares. Though the company had said it would retain the stake for 6 to 18 months, it would appear that the sale was conducted at the earliest opportunity.
Disclosure: The author holds no position in any stock mentioned
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