Statoil Accepts Bid For Statoil Fuel & Retail - Further Strengthens Upstream Focus
Statoil ASA's Board of Directors (NYSE: STO) has decided to pre-accept, subject to certain conditions, a cash offer from Alimentation Couche-Tard for the shares in the listed energy and retail company Statoil Fuel & Retail ASA at a consideration of NOK 53 per share (adjusted for any dividends and other distributions after 31 December 2011). The proceeds for Statoil's 54 % stake in the company are estimated to NOK 8.6 billion (USD 1.5 billion), assuming successful closing of the transaction.
The offer delivers a premium of 53 % to the current trading price. The parties expect to complete the transaction during the second quarter of 2012. As a result of the transaction, Statoil Fuel & Retail will no longer be consolidated in Statoil ASA's accounts.
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