• Couche-Tard becomes principal owner of Statoil Fuel & Retail
  • Has 81.2% ownership of the issued and outstanding shares in SFR
Couche-Tard has become the principal owner of Statoil Fuel & Retail

Couche-Tard has become the principal owner of Statoil Fuel & Retail

Couche-Tard has become the principal owner of Statoil Fuel & Retail (SFR).

In an update on yesterday's (18 June) news that the group had announced settlement dates for its NOK53 (US$8.87) per share all-cash offer for SFR, Couche-Tard has now confirmed its 81.2% ownership of the issued and outstanding shares in the company.

Last week's decision by the company to waive all conditions attached to the takeover bid proves the company was keen to push the acquisition through with no obstructions and in good time.

Significantly, Couche-Tard waived the condition originally attached to the offer that it receive backing form 90% of shareholders - the threshold that the company could then force minority stakeholders to sell their shares at.

Today's announcement confirms Couche-Tard as a majority stakeholder and demonstrates the importance that its management attaches to its plans to expand in Scandinavia.

Show the press release

Alimentation Couche-Tard becomes principal owner of Statoil Fuel & Retail

LAVAL, QC, June 19, 2012 /CNW Telbec/ - Alimentation Couche-Tard Inc. ("Couche-Tard") (TSX: ATD.A ATD.B) has today, through its wholly owned subsidiary Couche-Tard Norway AS, become owner of 243,593,717 shares, equal to 81.20% of the issued and outstanding shares, in Statoil Fuel & Retail ASA ("SFR") (Oslo Børs/SFR), and thereby triggered a mandatory offer obligation for all the issued and outstanding shares in SFR as provided for under section 6-1 in the Norwegian Securities Trading Act. The above shares are the shares tendered up to and including June 12, 2012 under Couche-Tard Norway AS' voluntary offer for all the issued and outstanding shares in SFR.

The acceptance period for the voluntary offer expires on June 20, 2012 at 17.30 CET, and settlement for shares tendered under the voluntary offer in the period from June 13, 2012 through June 20, 2012 at 17.30 CET, will occur on June 26, 2012.

Should the acceptance level reach 90% under the voluntary offer expiring on June 20, 2012 at 17.30 CET, Couche-Tard Norway AS will as soon as possible (at the latest on July 24, 2012) and as provided for in the Norwegian Securities Trading Act section 6-22 (3), initiate a compulsory acquisition (squeeze-out) of any shares not tendered or held by Couche-Tard Norway AS without presenting a mandatory offer. The notice period for the compulsory acquisition will be two months from Couche-Tard Norway AS has made public its notification initiating the process, and settlement will be made promptly after expiry of the two-month period. The offer price in the compulsory acquisition will equal the offer price in the voluntary offer of NOK 51.20.

Should the said 90% threshold not be reached before the expiry of the voluntary offer, Couche-Tard Norway AS will as soon as possible and at the latest within four weeks from today present a mandatory offer for all the issued and outstanding shares in SFR not already having been acquired by Couche-Tard. The mandatory offer will have an acceptance period of four weeks and the offer price in the mandatory offer will equal the offer price in the voluntary offer of NOK 51.20, the latter representing Couche-Tard's best and final offer.

For questions regarding the voluntary or mandatory offer, please contact:

Receiving Agent:
Nordea Bank Norway ASA, Issuer Services
Tel: +47 22 48 62 62
Fax: +47 22 48 63 49
Issuerservices@nordea.com

About Alimentation Couche-Tard Inc.

Alimentation Couche-Tard Inc. is the leader in the Canadian convenience store industry. In North America, Couche-Tard is the largest independent convenience store operator (whether integrated with a petroleum corporation or not) in terms of number of company-operated stores. As of January 29, 2012, Couche-Tard had a network of 5,817 convenience stores, 4,225 of which include motor fuel dispensing. At the same date, the Corporation had agreements for the supply of motor fuel to 338 sites operated by independent operators. Couche-Tard's network consists of 13 business units, including nine in the United States covering 42 states and the District of Columbia, and four in Canada covering all ten provinces. More than 53,000 people are employed throughout Couche-Tard's retail convenience network and service centers.

For more information on Alimentation Couche-Tard, please visit: http://www.couchetard.com/corporate/

 

Original source: http://www.couchetard.com/corporate/