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Caltex Australia says Britain’s EG Group has offered to acquire the company for $3.9 billion in cash and separate shares to be issued in a newly listed company on the ASX.

The offer from the British retailer includes the sum to buy Caltex’s convenience retail business and a stake in a new company, Ampol, under which the remaining assets of Caltex would be bundled.

The offer comes after Caltex on Monday allowed Alimentation Couche-Tard to conduct additional due diligence after the Canadian convenience store chain raised its bid to $8.8 billion.