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Australia's Woolworths sells petrol chain to BP for $1.3 bln-media
December 27, 2016 / 8:48 PM / a year ago

Australia's Woolworths sells petrol chain to BP for $1.3 bln-media

SYDNEY, Dec 28 (Reuters) - Australian supermarket giant Woolworths Ltd has sold its chain of petrol stations to BP plc for A$1.8 billion ($1.29 billion) in cash, media reported on Wednesday.

The Australian Financial Review reported the deal was signed over Christmas and ended months of negotiations around price, loyalty agreements, fuel discount vouchers and convenience strategies.

BP will get 500 Woolworths-branded fuel and convenience outlets, which sell about 4 billion litres of fuel a year and have earnings of around A$130 million to A$150 million, the report said.

Neither company was immediately available to comment.

$1 = 1.3926 Australian dollars Reporting by Wayne Cole; Editing by Adrian Croft

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