BP Gets EUR180 Million Offer For French Retail Fuels, Convenience Operations
February 04 2010 - 6:38AM
Dow Jones News
Oil major BP PLC (BP.LN) said Thursday it has received an offer
from Delek Europe B.V., a fuel retailer in Europe and a subsidiary
of the Delek Group, to buy its French retail fuels and convenience
business including selected fuels terminals for about EUR180
million in cash.
MAIN FACTS:
-The proposed purchase price of EUR180 million is subject to
working capital adjustments.
-On receipt of the offer to buy BP's 416 petrol stations in
France, BP has entered into a period of exclusivity with Delek
Europe and has started talks with the relevant works councils.
-The sale would also include interests or ownership in three
fuel distribution depots and it is expected to include a long term
agreement for acceptance of fuel cards.
-The proposed transaction is currently expected to be completed
in the second half of this year.
-Any final transaction will be subject to works councils and
regulatory approvals.
-As well as an agreement for BP branding to remain on the
forecourts for a number of years under a licensing agreement, BP
would also continue to supply fuel including premium BP Ultimate
fuels under a supply agreement.
-If the offer is accepted and the deal is approved then BP would
still continue to retain a significant presence in France through
its business to business fuels, bitumen, lubricants and aviation
businesses.
-Staff currently working for the retail business would transfer
to the new owner.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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