trending Market Intelligence /marketintelligence/en/news-insights/trending/6BclOtU390ip7shrQLCSHQ2 content esgSubNav
In This List

Report: EG Group mulls bid for Caltex, challenging Couche-Tard's A$8.66B offer

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Insight Weekly: PE firms shift strategies; bank earnings kick off; bankruptcies plummet

Blog

Bed Bath and Bankruptcy Using Quantitative Credit Models to Predict Corporate Defaults

Blog

Insight Weekly: Stocks limp into 2023; GCC banks set for rebound; deep-sea mining faces pushback


Report: EG Group mulls bid for Caltex, challenging Couche-Tard's A$8.66B offer

British fuel station and convenience store operator EG Group Ltd. is looking to make an offer to buy Caltex Australia Ltd., challenging the A$8.66 billion takeover proposal made by Canada's Alimentation Couche-Tard Inc. in November 2019, Bloomberg News reported Jan. 6, citing people familiar with the matter.

EG Group, which was formed from the combination of Euro Garages Ltd. and TDR Capital LLP's EFR Group BV in 2016, has reportedly hired a financial adviser to help it assess making an offer for Caltex Australia. However, no financial decisions have been made, the news outlet said.

An EG Group representative declined to comment, while a spokesman for Caltex Australia said the company does not comment on speculation, Bloomberg said.

On Dec. 3, 2019, Caltex Australia rejected Couche-Tard's takeover offer, saying it undervalues the company. It allowed Couche-Tard to revise its offer, but the Canadian company has not submitted any new proposals so far.

Meanwhile, for EG Group, a potential deal with Caltex Australia would expand its presence in Australia following the company's acquisition of Woolworths Group Ltd.'s fuel convenience stores in the country in 2019.

In October 2019, Bloomberg News reported that EG Group is considering launching an IPO in 2020. However, EG Group's backer, TDR Capital, declined to comment.

Caltex Australia's stock closed up 1.15% to A$34.76 on Jan. 6 in Australia.