NEW YORK: Three years. That’s how long fuel and convenience-store operator CST Brands will have lasted as an independent company, assuming the review of strategic alternatives it started last month culminates in a sale. But to the chagrin of activist investors who are angling for a deal, the universe of potential buyers is shrinking.
With roughly 1,900 locations across the United States and Canada, and best known for its Corner Store brand, CST is a prime target for rival chain owners such as Canada’s Alimentation Couche-Tard, Sunoco and Marathon Petroleum. Even Tokyo-listed 7-Eleven owner Seven & i Holdings has been tossed around by analysts as a potential acquirer, but that looks unlikely considering its chairman and CEO said he’d step down this week.