AUSTRALIA: Coles Myer unveils petrol JV with Shell
Australian retailer Coles Myer has jumped on the petrol bandwagon, announcing a convenience store and fuel alliance with Royal Dutch/Shell. Coles is buying the right to run 584 Shell sites for under A$100m (US$66m). The deal will see Coles pay Shell rent and buy its fuel from Shell. It is expected to boost annual sales by about 12%, contributing more than $3bn in additional annual sales when completed.
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