Statoil sells 2300 gas stations to Couche-Tard
2300 stations across Scandinavia, Poland, the Baltics and Russia.
Statoil ASA’s Board of Directors has decided to pre-accept, subject to certain conditions, a cash offer from Alimentation Couche-Tard for the shares in the listed energy and retail company Statoil Fuel & Retail ASA, according to a press release from Statoil.The offer is NOK 53 per share ($9,15 US). The proceeds for Statoil's 54 percent stake in the company are estimated to NOK 8.6 billion (USD 1.5 billion), assuming successful closing of the transaction.
53 percent premium
The offer delivers a premium of 53 % to the current trading price. The parties expect to complete the transaction during the second quarter of 2012. As a result of the transaction, Statoil Fuel & Retail will no longer be consolidated in Statoil ASA’s accounts.
“We believe Alimentation Couche-Tard is a strong industrial buyer and that the price is attractive. The offer, which is recommended by the board and management of Statoil Fuel & Retail, provides a good outcome for all parties,” says Statoil chief financial officer Torgrim Reitan in a statement.
Statoil Fuel & Retail holds a non-exclusive right to use the Statoil name until 30 September 2019, in line with the agreement entered into at the time of the IPO.
Statoil Fuel & Retail is also the beneficial owner of the droplet logo. As part of a range of transitional services being provided, Statoil will continue to provide operational support services for a specified period of time. Key commercial agreements, including sale of refined oil products, will also continue.
Statoil Fuel & Retail has a broad retail network across Scandinavia, Poland, the Baltics, and Russia with approximately 2300 full-service (fuel and convenience) or automated (fuel only) stations.
Statoil Fuel & Retail's other products include stationary energy, marine fuel, aviation fuel, lubricants and chemicals. In Europe, the company operates 12 key terminals, approximately 400 road tankers and 50 depots in eight countries. The company also deliver aviation fuel at 85 airports in ten countries and produce and sell 750 different lubricant products.
Including employees at Statoil branded franchise stations, about 18,500 people work at their sites across Europe, in corporate headquarters, eight national headquarters, terminals and depots.
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