Valero board approves spinoff of retail business

April 4 Thu Apr 4, 2013 6:21pm EDT

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April 4 (Reuters) - U.S. refining company Valero Energy Corp said on Thursday its board of directors approved the spinoff of its retail business, CST Brands Inc.

Valero said last summer that it would explore options for the gasoline and convenience stores it owns in the United States and Canada, including a spinoff that gives its shareholders ownership of the retail unit.

Shares of Valero rose 2.5 percent in post-market trading.

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