LAVAL, Quebec-- Alimentation Couche-Tard Inc., which is acquiring Norway-based Statoil Fuel & Retail ASA, has announced that Couche-Tard Norway ASA--as it is calling the new entity--has received the necessary clearance for Denmark on May 16, 2012, and has obtained confirmation from the competition authorities in Russia and Poland that decisions will be rendered at the latest by May 24 and June 20, respectively.
With respect to Poland competition authorities, Couche-Tard believes that clearance could be obtained prior to June 20.
Therefore, Couche-Tard Norway ASA is waiving the condition relating to approvals and consents from governmental authorities as indicated in the offering document dated April 20, 2012, regarding its offer on acquiring all the issued and outstanding shares of Statoil Fuel & Retail ASA for 51.20 Norwegian Krone ($8.93 U.S.) per share in cash (53 Krone [$9.22 U.S.] before reduction for the dividend of 1.80 Krone paid to shareholders on May 9, 2012). The acceptance period for Couche-Tard's offer will end May 21.
All other terms and conditions of the offer remain unchanged, including the 90% acceptance condition.
Statoil's network of convenience stores and gas stations is located in five European countries.
(Click here for previous CSP Daily News coverage of the deal.)
As of Jan. 29, 2012, Laval, Quebec-based Alimentation Couche-Tard Inc. had a network of 5,817 convenience stores, 4,225 of which include motor fuel dispensing. It supplies motor fuel to 338 sites operated by independent operators. Couche-Tard's network consists of 13 business units, including nine in the United States covering 42 states and the District of Columbia (primarily under the Circle K flag), and four in Canada covering all 10 provinces (primarily under the Mac's and Couche-Tard flags).
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.