Sunoco Inc said that it will distribute to investors SunCoke Energy Inc shares worth USD 614.7 million.

The Philadelphia oil refiner, which owns 81% of its former SunCoke subsidiary, will distribute the 56.7 million SunCoke shares as part of a special dividend. SunCoke shares were down 69 cents, nearly 6% to USD 10.85.

The distribution will be made January 17 to shareholders of record on January 5.

Sunoco announced last year that it planned to spin off SunCoke. The former subsidiary has operations in Virginia, Indiana, Ohio and Illinois. It also operates a coke-making plant in Vitoria, Brazil.

(Sourced from AP)