The shares of the Norwegian fuel retailer Statoil Fuel & Retail have soared 50% after accepting the takeover bid the by the Canadian food group Couche-Tard.
Couche-Tard has offered the amount of $ 2.8 million (1,139 million Euros) to buy the Norwegian company, which has an extensive infrastructure of gas stations in Norway as well as in other Nordic countries, in the Baltic countries, in Poland and in Russia . Statoil Fuel & Retail has announced that the company will accept the offer and has also recommended to its shareholders to accept it.
The intention of Couche-Tard is to acquire a total of 53% of the shares of the norwegian company, while Norway’s largest oil company, Statoil ASA, which until now had been the largest owner of Statoil Fuel & Retail, will stay with 46% of the shares.
The convenience group chaine Couche-Tard is the largest independent convenience store operator in Canada with a total of 5,817 stores of which 4,225 also sell gasoline.
Statoil Fuel & Retail, meanwhile, has more than 2,300 service stations in the northern Europe.
- Torgrim Reitan
The CEO of the Canadian company has announced that the purchase of Statoil Fuel is an important step in the strategy of growth of Couche-Tard as it to represents the company’s access to Scandinavian and European markets.
The chief financial officer of Statoil Fuel & Retail Torgrim Reitan in turn announces the following, “We believe Alimentation Couche-Tard is a strong industrial buyer and the price is attractive. The offer, which is recommended by the board and management of Statoil Fuel & Retail, offers a good result for all parties. “
Reitan also says on the company’s website that this transaction provides to the Statoil Fuel & Retail shareholders the chance to get a substantial return since the IPO in 2010. Reitan says that the transaction “will allow Statoil Fuel & Retail to pursue its strategy under new and long term industrial ownership, for the benefit of its customers and employees. For Statoil, it frees up capital, streamlines our portfolio and enables us to further strengthen our focus as a technology focused upstream energy company, in line with our strategy”.
Resuming, yesterday the Statoil Fuel & Retail shares rose in the Norwegian stock a 50.94% to a price of 52.45 (NOK, Norwegian crowns). The company Statoil ASA, former major shareholder of Statoil Fuel & Retail, however declined by 0.45%.
