In a pattern we have seen over and over, just months after simplifying its business by spinning off Suncoke(SXC), Sunoco(SUN) will be purchased by Energy Transfer Partners(ETP) in a deal announced this morning. This combination will create one of the largest and most diversified energy partnerships in the country by expanding ETP’s geographic footprint and strengthening its presence… Read More »
It was way back in June 2010, when Sunoco(SUN) first announced its intention to spin SunCoke(SXC) into a separate company. One year later, in July 2011, the company conducted an IPO of SunCoke shares. This week the company completed the process on January 17 by distributing the 80.9% of SunCoke shares it owned to shareholders at a rate… Read More »
After successfully completing an IPO this past July, Sunoco (SUN) announced that it is ready to move on to the second stage of its planned spinoff of SunCoke Energy (SXC). On January 17th, 2012 Sunoco will issue a special stock dividend distributing its remaining ~81% stake in SunCoke to shareholders as of January 5th. SUN shareholders will receive… Read More »
Sunoco (SUN) announced that the spinoff of SunCoke Energy took another step towards completion last week, as the company filed an S-1 registration statement with the SEC. Many were nervous that the spin would be derailed due to litigation with ArcelorMittal (MT), one of SunCoke’s largest customers, however that issue appears to have been resolved via settlement. From… Read More »