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4-Traders Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Alimentation Couche Tard Inc    ANCUF   CA01626P4033

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Alimentation Couche-Tard To Buy Statoil Fuel & Retail For $2.8 Billion

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04/18/2012 | 10:22am CEST

-Alimentation Couche-Tard Inc. places offer on Statoil Fuel & Retail in $2.8 billion deal

-Statoil agrees to sell its 54% stake in the fuel retailer

(Rewrites throughout, adds comment, detail)

 
   By Dominic Chopping and Katarina Gustafsson 
   Of  
 

Norwegian oil and gas major Statoil ASA (STO) Wednesday said it will sell its stake in transport fuel retailer Statoil Fuel & Retail ASA (SFR.OS) in a move to increase its focus on its oil and gas exploration and production operations.

Canadian convenience store company Alimentation Couche-Tard Inc. (ATD.A.T) has placed an offer for the fuel retailer in a $2.8 billion deal, valuing the total share capital of Statoil Fuel & Retail at 15.9 billion Norwegian kroner.

Statoil has accepted the bid and will sell its 54% stake in the fuel retailer for NOK8.6 billion ($1.5 billion). The Canadian company will buy the remaining shares at NOK53, a 53% premium to the shares' Tuesday closing price.

At 0712 GMT, shares in Statoil Fuel & Retail traded 51% higher at NOK52.35, pricing in much of the offer premium. Statoil shares were down 0.3% at NOK153.40.

Depending on how the parties decide to finance the deal, it might have an impact on the Norwegian krone, said Erica Blomgren, SEB's head of FX strategy Norway. "The figure is big enough," she said, adding that the EUR-NOK moved down a little shortly after the announcement, but the currency pair then moved back as market participants await more information on the deal.

Statoil Chief Financial Officer Torgrim Reitan said the price is attractive and "the offer, which is recommended by the board and management of Statoil Fuel & Retail, provides a good outcome for all parties."

Danske Bank analyst Endre Storlokken said the sale makes sense, but it's not that big of a deal from Statoil's perspective. "Operationally for Statoil, this has not that great an importance," he said. "But it's positive that this happens; it frees up capital."

Statoil established Statoil Fuel & Retail as a separate company listed on the Oslo Stock Exchange in 2010.

The parties expect to complete the transaction during the second quarter of 2012.

-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093; [email protected]

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Financials ($)
Sales 2017 37 865 M
EBIT 2017 1 750 M
Net income 2017 1 305 M
Debt 2017 3 625 M
Yield 2017 0,62%
P/E ratio 2017 22,44
P/E ratio 2018 17,36
EV / Sales 2017 0,83x
EV / Sales 2018 0,68x
Capitalization 27 951 M
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Consensus 
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 57,2 $
Spread / Average Target 16%
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Managers
NameTitle
Brian P. Hannasch President, Chief Executive Officer & Director
Alain Bouchard Executive Chairman
Darrell Davis Senior Vice President-Operations
Geoffrey C. Haxel Senior Vice President-Operations
Dennis J. Tewell Senior Vice President-Operations
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Sector and Competitors
1st jan.Capitalization (M$)
ALIMENTATION COUCHE TA..8.51%27 951
WAL-MART STORES9.97%230 429
ALIMENTATION COUCHE TA..6.14%27 951
CARREFOUR-2.75%19 107
WHOLE FOODS MARKET, IN..38.36%13 601
DAIRY FARM INTERNATION..12.01%10 847
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