Let’s try this again

18 April 2012 By Robert Cyran Follow @rob_cyran

Though a 53 pct premium for Statoil Fuel and Retail is chunky, the Canadian convenience store chain has shown discipline in the past. It walked from a U.S. deal to avoid a bidding war. Couche-Tard’s new friendly purchase looks promising if it can manage things an ocean away.

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Canadian convenience store group Alimentation Couche-Tard said on April 18 that it had agreed to buy Norwegian counterpart Statoil Fuel and Retail for 15.9 billion crowns ($2.8 billion) or 53 crowns a share. The offer is at a 52.5 percent premium to the closing price of Statoil Fuel and Retail shares on April 17.

Norwegian oil company Statoil, which owns 54 percent of Statoil Fuel and Retail, has agreed to tender its stake.

The target company has about 2,300 convenience stores, and is the largest such chain in Norway, Sweden, Denmark, Latvia and Estonia. Couch-Tard is the largest Canadian convenience store chain.

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