Circle K owner seen among potential bidders if Petro-Canada gas stations go on the block — via financialpost Oil Gas Energy
The acquisitive owner of the Circle K chain has been seeking a major acquisition and tried unsuccessfully to take over French grocery chain Carrefour SA last year. Suncor said Monday it will consider options for its downstream assets, which include more than 1,500 Petro-Canada locations, making it one of the country’s largest retail fuel and convenience store chains.
The Laval, Quebec-based firm manages close to 2,100 stores across Canada and about 1,200 have gas stations. There’s a lot of overlap with Petro-Canada, especially in the eastern part of the country.Article content Parkland Corp., a smaller Canadian fuel retailer, has also been in acquisition mode, but with a stock market value of $5.2 billion, Petro-Canada would be a “big bite,” Bushell said. “I’ll be interested to see if a third player, or maybe an international player, emerges.”
If Couche-Tard wanted to buy the business, it would probably have to divest 50 per cent of the gas stations due to antitrust issues, according to Landry.Credit Suisse analyst Manav Gupta pegged the value of the division at $9.6 billion to $11.2 billion, based on an estimate it can earn $800 million before interest, taxes, depreciation and amortization on a normalized basis.
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