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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below