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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 CET

-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; dominic.chopping@dowjones.com

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Financials ($)
Sales 2017 38 440 M
EBIT 2017 1 900 M
Net income 2017 1 332 M
Debt 2017 4 218 M
Yield 2017 0,69%
P/E ratio 2017 19,73
P/E ratio 2018 15,94
EV / Sales 2017 0,79x
EV / Sales 2018 0,65x
Capitalization 25 983 M
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Consensus 
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 61,2 $
Spread / Average Target 34%
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Managers
NameTitle
Brian P. Hannasch President, Chief Executive Officer & Director
Alain Bouchard Executive Chairman
Darrell Davis Senior Vice President-Operations
Claude Tessier Chief Financial Officer & Head-Investor Relations
Réal Plourde Director
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Sector and Competitors
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ALIMENTATION COUCHE TA..1.10%25 983
CARREFOUR-18.99%17 805
WHOLE FOODS MARKET, IN..-8.18%9 794
DAIRY FARM INTERNATION..18.27%9 749
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