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26 November 2019 By Alec Macfarlane

Quebec-based Couche-Tard has offered $7.3 bln including debt for Caltex to expand its filling station empire Down Under. At more than 9 times EBITDA the price looks good, while rival bidders are scarce. A mooted real estate IPO is Caltex’s best hope to squeeze out more value.

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