Sunoco completes spinoff of SunCoke Energy unit
US-based transportation fuels firm Sunoco completed the spinoff of its metallurgical coke manufacturing business SunCoke Energy.
After the completion of the distribution of 56,660,000 shares of SunCoke Energy common stock to shareholders, Sunoco no longer owns any common stock of SunCoke, it said.
The distribution by Sunoco was made on Tuesday, in the form of a pro rata common stock dividend, of its equity interest in SunCoke to all Sunoco shareholders of record on January 5, 2012.
Sunoco shareholders will receive 0.53046456/share of SunCoke common stock, in book-entry form, for every share of Sunoco common stock held as of the close of business on January 5, 2012.
No fractional shares of SunCoke common stock were distributed.
Instead, Sunoco shareholders will receive cash in lieu of any fraction of a share of SunCoke common stock that they otherwise would have received.
The planned separation was first announced in January 2011.
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