Finance History | 11 Wall Street — A Coastal Spin-Off That Opened the Tape as VLO
· 1980-1
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Finance History | 11 Wall Street — A Coastal Spin-Off That Opened the Tape as VLO
kevin
People treat Valero Energy as a San Antonio refiner that always printed VLO after a finished New York book.
The letters arrived as a court-ordered spin-off, not a cash IPO.
Valero's own history page records that on 1 January 1980 the company was born as the corporate successor of Lo-Vaca Gathering Company, a Coastal Corporation pipeline subsidiary.
The firm still calls that transaction the largest corporate spin-off in U.S. history to that date.
The Christian Science Monitor, writing 30 September 1980, records that when Valero started on 1 January 1980 it already had 40,000 shareholders and a listing on the New York Stock Exchange.
A 2005 company ceremony, reported by L'Observateur, dates the NYSE listing to 2 January 1980 and marks the twenty-fifth anniversary from that session.
The mechanism of 2 January 1980 is a listed spin-off of a Texas gas-gathering system, not a cash sale of new common.
The pin is the Broad Street facade of the Exchange, where VLO first printed on the New York tape. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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