Canadian c-store retailer Couche-Tard today (12 June) said it was “very confident” of convincing enough investors in Statoil Fuel & Retail to secure its acquisition of the Norwegian firm.

Couche-Tard said shareholders owning over 77.7% of SFR had accepted its NOK51.20-a-share offer and added it believed the remaining investors would sell their stock in the company.

“Couche-Tard indicates that it is very confident that the shareholders of Statoil Fuel & Retail that have not tendered to date will do so by June 20, 2012 considering Couche-Tard’s cash offer has become even more attractive in the context of increasingly challenging market conditions,” it said.

The retailer reiterated yesterday it would not increase its offer, which was first tabled in April. SFR’s board has recommended the offer to the company’s investors and its majority shareholder has already tendered its stock in favour of the bid.

However, Couche-Tard has yet to receive the backing of 90% of SFR’s investors, a level it said was necessary to complete the deal when it was first announced two months ago. Last week, Couche-Tard waived the 90% threshold in a bid to get the deal through.

If Couche-Tard fails to obtain 90% of shares, it cannot force minority shareholders to sell their stake. However, the company can proceed if it is willing to accept the rights of the minority stakeholders in the business.

The bid, which equates to NOK53 a share minus a NOK1.80 dividend paid to shareholders in May, values SFR at NOK15.9bn (US$2.64bn).

SFR has around 2,300 petrol stations in Scandinavia and the Baltic states.