QUEBEC, Canada ? Alimentation Couche-Tard Inc. has long discussed expanding its family of convenience stores beyond North America, but the announcement this week that the company has made an offer for Statoil Fuel & Retail ASA of Norway has caught everyone by surprise, the Montreal Gazette reports. Earlier this week, Couche-Tard unveiled its private-label cigarettes.
Alain Bouchard, CEO of Couche-Tard, had long touted Asia as the beginning of an international push, but his company tendered a $2.8 billion offer to Statoil, a chain of 2,300 convenience stores and gasoline stations with locations in the Baltic states, Poland, Russia and Scandinavia.
By purchasing Statoil, Couche-Tard would nearly double its number of stores, plus give the company entry into three, healthy European economies, including Denmark, Norway and Sweden. Couche-Tard will keep the brand name and run the operation as a stand-alone business.
Statoil directors support the agreement. ?We believe Couche-Tard would represent a solid industrial owner and that the transaction could deliver interesting growth opportunities for the combined organization,? said Birger Magnus, board chairman of Statoil.
?This is a very, very nice transaction for Couche-Tard,? said Raymond Par�, vice president and CFO. After the deal was announced, Couche-Tard?s shares skyrocketed more than 15%. The transaction is expected to be completed in June.
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