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IPO for Valero Spin Off



By Bill O'Neil

Shades of Google or Facebook from San Antonio's own Valero--which has kicked off an initial public stock of a new spin-off company. 

"Valero Energy Partners" will focus on infrastructure--such as pipelines and storage facilities. 

"By separating them out--and making just those assets themselves available to investors--it's creating some value in a new company people can invest in" said Valero's Bill Day, who told 550 KTSA News the spin-off will actually help optimize the value of those assets. 

"All of these assets were part of Valero Energy Corporation--but they were kind of lost amid all of the refining and marketing assets that we have--and their true value was not being realized" Day said.

The initial public offering includes 15-million units, representing about one-quarter of the ownership of the spin-off--with more to potentially be added after 30-days. It comes with executives from another Valero spin-off set to take their place in the spotlight in New York, by ringing the opening bell at the New York Stock Exchange Tuesday.

"It's a great opportunity to be up on Wall Street and represent all 12-thousand of our team members" said Corner Store CEO Kim Bowers.

 

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Topics : Business_Finance
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Locations : New YorkSan Antonio
People : Bill DayKim Bowers
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