Three-Fourths At Statoil Accept Couche-Tard’s Offer

More Statoil shareholders accept Alimentation Couche-Tard’s tender offer as of Tuesday.

Alimentation Couche-Tard reports 77.7% of Statoil Fuel & Retail shareholders have accepted its takeover offer, an increase from 66.7% three weeks ago, after a large shareholder agreed to bid on Tuesday.

Alimentation Couche-Tard declined to identify the shareholder, but said it was “very confident” that the remaining Statoil shareholders will place bids by its June 20 deadline.

The company issued a statement Monday denying rumors that it was likely to increase its offer of 51.2 Norwegian krone. Couche-Tard sees no reason by Statoil’s shares are trading above the offer price, which it has described as final. 

Couche-Tard’s offer for Statoil Fuel is worth about $2.7 billion. The deal will provide a good entry into the European market, with stores throughout at least three Scandinavian countries.

This deal started about 18 months after Couche-Tard retreated from its failed hostile bid for Casey’s General Stores, an Iowa-based comapny. Couche-Tard operates 5,817 stores in North America under the Mac’s, Couche-Tard and Circle K banners.

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