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Australia's Woolworths in takeover talks for its petrol business

Friday, September 30, 2016 - 09:27

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Australia's Woolworths said on Friday it is in talks with several potential buyers for its petrol business after receiving approaches for a deal said to be worth A$1.5 billion (S$1.56 billion).

[SYDNEY] Australia's Woolworths said on Friday it is in talks with several potential buyers for its petrol business after receiving approaches for a deal said to be worth A$1.5 billion (S$1.56 billion).

Woolworths - Australia's biggest grocer by sales, said it had received a number of incomplete and conditional proposals from unspecified interested parties.

While no formal bid has yet been submitted, Woolworths said it remained in talks with potential suitors, though it is undecided on its outlook for its petrol business. "Woolworths wishes to advise that it is currently evaluating whether to retain or dispose of its petrol business," the company said in a statement to the stock exchange.

The Woolworths' statement comes after The Australian newspaper reported Caltex Australia was in the final stages of negotiations with Woolworths in a deal worth A$1.5 billion.

REUTERS

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