Following the pre-acceptance of the cash offer for the listed energy and retail company Statoil Fuel & Retail ASA from Alimentation Couche-Tard, Statoil ASA confirms its formal acceptance of the offer for its 54 % of the shares.
Statoil chief financial officer Torgrim Reitan says: “Statoil ASA has accepted this offer. We consider the offer to be attractive. It provides shareholders in Statoil Fuel & Retail with the opportunity to realise a substantial return since the IPO in 2010."
Statoil has received no alternative competing offers for its stake in Statoil Fuel & Retail. The offer from Couche-Tard delivers a premium of 53 % to the closing price of Statoil Fuel & Retail shares on April 17, 2012, the last trading day prior to the announcement of the offer.
“In addition to delivering an attractive premium, it is important for Statoil that Couche-Tard is a strong industrial buyer that will enable Statoil Fuel & Retail to pursue its strategy under new and long term industrial ownership, for the benefit of its customers and employees,” says Reitan.