Skip to content
Join our Newsletter
Join our Newsletter

Alimentation Couche-Tard Inc. drops takeover pursuit of Caltex Australia Ltd.

LAVAL, Que. — Alimentation Couche-Tard Inc. is dropping its pursuit of Caltex Australia Ltd. due to the COVID-19 crisis. The company had been working on a revised takeover bid after an earlier offer was rebuffed.
rjb10759000

LAVAL, Que. — Alimentation Couche-Tard Inc. is dropping its pursuit of Caltex Australia Ltd. due to the COVID-19 crisis.

The company had been working on a revised takeover bid after an earlier offer was rebuffed.

Couche-Tard says given the uncertainty and the impact of the pandemic on its outlook for Caltex's business, it is not in a position to make a revised proposal for the company.

However, it says it remains interested and plans to re-engage once there is more clarity in the global outlook.

Couche-Tard says its due diligence for a transaction has been substantially completed and that the work confirms that Caltex is a strong strategic fit.

Caltex operates approximately 2,000 service stations.

This report by The Canadian Press was first published April 20, 2020.

Companies in this story: (TSX:ATD.B, TSX:ATD.A)

 

The Canadian Press