San Antonio will get its newest, and third largest, public company this week, when Valero Energy Corp. officially spins off its 1900 'Corner Store' locations into a separate corporation, called CST Corp, 1200 WOAI news reports.
"They will still be branded Valero, and they will be a completely separate company, and they will be San Antonio's newest publically traded company," Valero spokesman Bill Day told 1200 WOAI news.
He says customers will not see any change in the appearance of the stores. They will still have Valero signs, and Valero credit cards will still work. He says Valero will still wholesale gasoline and other fuels to the CST Corp stores, which will be, as they are now, independently owned and operated.
"That company, CST, will be more valuable as a stand-alone company than as a small subsidiary inside of Valero," Day said.
He says Valero will focus on its core business, which is owning and operating refineries and pipelines. Valero will also continue to supply gasoline to the CST stores, and Valero will remain, even after the divestiture, the largest publicly traded company in San Antonio.
Valero currently is the fourth largest company in Texas, and is the largest operator of refineries in North America.
Day says Valero shareholders will see the benefits of the divestiture.
"For every nine shares of Valero stock that you own, you will get one share of stock in the new company, CST."
Day says CST stores will still give customers free coffee on mornings after the San Antonio Spurs win games.