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SAN ANTONIO -- Oil refining and marketing company Valero Energy Corp., which owns more than 4,500 retail outlets under the brand names Diamond Shamrock, Shamrock, Ultramar, Valero and Beacon, said that 88 percent of its stockholders have approved a two-for-one split of its common stock, according to the San Antonio Business Journal.
Valero now will have 600 million shares of stock, up from 300 million shares. The San Antonio company's board of directors approved the stock split on July 15, pending shareholder approval.
The company will pay out an increased stock dividend of 8 cents per share on Oct. 7 to the shareholders of record on Sept. 23. This is up from 7.5 cents per share on an equivalent basis.