Borealis, Owners and Joint Ventures
Statoil to sell fuel and retail business to Canada’s Couche-Tard
ICIS News : 18-Apr-12 16:40
LONDON (ICIS)--Statoil has agreed to sell its 54% stake in its downstream fuel and retail business to Canada’s Alimentation Couche-Tard, the Norway-based international oil and gas major said on Wednesday.
Retailer Couche-Tard aims to acquire all of the issued and outstanding shares of Oslo-listed Statoil Fuel & Retail, valuing the business’s total share capital at about $2.8bn (€2.1bn).
Statoil estimates that proceeds for its stake will be $1.5bn.
The divestment would free up capital and streamline Statoil’s portfolio, enabling it to strengthen its upstream energy business, it said.
Statoil added that its agreement with Couche-Tard is subject to certain, unspecified conditions. The deal is expected to be completed in the second quarter, it said.
Statoil Fuel & Retail is a leading fuel retailer in Scandinavia and the Baltic states, and it has a growing market presence in Poland. Overall, it has about 2,300 petrol stations and supplies aviation fuel to about 85 airports.
The business was set up in 2010 as a separate legal entity within Statoil, and in October 2010 it was listed on the Oslo stock exchange.
Couche-Tard, which is based in Laval, Quebec, has a network of more than 5,800 convenience stores in North America. About 4,225 of the stores have vehicle fuel dispensing services.
($1 = €0.76)
By Stefan Baumgarten
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