Caltex Australia has says it been approached by a number of parties about a potential acquisition – but so far the only formal takeover offer it has received is the one made in November by a Canadian retail chain.
Caltex on Wednesday confirmed a report by Bloomberg News that the United Kingdom’s EG Group had expressed an interest in Caltex, and said other parties had also approached it.
But Caltex said it hadn’t received a formal takeover proposal from any party since Canada’s Alimentation Couche-Tard’s $34.50-per-share cash offer made in late November.
“There is no certainty that any binding proposal will be made by any of the parties who have expressed potential interest,” Caltex said.
It’s understood that Couche-Tard and Caltex’s board are still working out the details on the terms for the Canadian convenience store operator to conduct due diligence on Caltex.
A new player on the global convenience retail front, EG Group last April completed its acquisition of Woolworth’s 540-site petrol business for $1.7 billion.
It owns 1,680 convenience stores and gas stations in the United States after buying the Cumberland Farms chain last year, and Kroger’s portfolio of stores the year before.
EG is owned by British private equity firm TDR Capital and two brothers, Mohsin and Zuber Issa.
Caltex Australia meanwhile announced on December 23 that it would be changing its name to Ampol after receiving a termination notice from Chevron regarding its licence agreement for the brand.
At 1100 AEDT, Caltex shares were up 28 cents, or 0.8 per cent, to $35.33