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Circle K parent close to deal to buy CST Brands

A vendor carts a load of products into a Circle K store in Chula Vista, California.

Circle K owner Alimentation Couche-Tard Inc. is nearing a deal to buy CST Brands Inc. in a big move to consolidate the convenience-store industry.

Couche-Tard ATD.A, +2.68% is the likely winner of an auction of CST, according to people familiar with the matter. It isn’t clear what the Canadian...