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BRIEF-Woolworths Ltd announces sale of fuel business to BP for $1.79 billion
December 27, 2016 / 9:36 PM / 9 months ago

BRIEF-Woolworths Ltd announces sale of fuel business to BP for $1.79 billion

Dec 28 (Reuters) - Woolworths Ltd :

* Announces sale of fuel business and strategic partnership

* On 24 Dec entered into binding agreements to facilitate sale of its 527 Woolworths-owned fuel convenience sites and 16 committed development sites to BP for $1.785 billion

* Sale of fuel business is not expected to have a material impact on woolworths group earnings

* Transaction is subject to customary closing conditions including BP obtaining Australian Competition and Consumer Commission (ACCC) and FIRB

* Woolworths and BP plan on entering into a long-term strategic partnership

* To preserve and expand 4CPL fuel discount offer, parties will enter into a minimum 10-year redemption agreement

* Woolworths and BP will commit to maintain and equally fund issuance of 4CPL fuel discount vouchers under same conditions as today Source text for Eikon: Further company coverage:

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