BP Agrees to Buy Woolworths Fuels Business for $1.29 Billion
27 Dicembre 2016 - 10:58PM
Dow Jones News
By David Winning
SYDNEY--BP PLC (BP) has agreed to buy the fuels business of
Woolworths Ltd. (WOW.AU) for 1.79 billion Australian dollars
(US$1.29 billion), in the latest move by the British oil company to
rebuild following the deadly Deepwater Horizon disaster.
The deal adds 527 gas stations and 16 development sites to BP's
retail footprint that already spans around 1,400 sites in
Australia. BP also owns the Kwinana oil refinery in Western
Australia state, and stakes in the active North West Shelf
liquefied natural gas facility and proposed Browse gas-export
venture.
Woolworths, which has been grappling with falling profit margins
in its core supermarket business, said in September that it was
considering the sale of its fuels business, and that several
companies had made conditional bids.
-Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
December 27, 2016 16:43 ET (21:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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