Australia's Woolworths in takeover talks for its petrol business
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop