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Retail stake sold
Posted 18.04.2012 08:08:43 av John Bradbury
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Statoil has accepted  a NOK 8.6 billion (US $1.5 bn) offer for a half-share in its downstream fuel and retail division.

Today Statoil said it has accepted the offer for the 54% stake from a Canadian convenience store operator Alimentation Couche-Tard, which was founded in Quebec back in 1980, and which now boasts annual revenues of over $15.8 bn.

Couche-Tard is to pay NOK 53 per share for the 54% stake in Statoil Fuel and Retail, which represents a 53% premium to the current trading price of the Statoil retail division.

Statoil Fuel and Retail underwent an Initial Public Offering back in 2010 with a listing on the Oslo Stock Exchange.

And the sale means the Norwegian operator can now concentrate on its oil and gas operations, according to chief financial officer Torgrim Reitan. “For Statoil, it frees up capital, streamlines our portfolio and enables us to further strengthen our focus as a technology focused upstream energy company, in line with our strategy,” Reitan says.

Statoil will continue to supply refined products to the retail division, which also retains the right to use the Statoil name until 2019, and owns the Statoil droplet logo.
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