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Caltex Australia signs confidentiality deal with Couche-Tard

Caltex Australia Ltd. has entered into a confidentiality agreement with Alimentation Couche-Tard Inc. to provide the Canadian convenience store operator select nonpublic information, following the latter's proposed acquisition of the Australian fuel company.

Caltex Australia had earlier rejected an A$8.66 billion offer made by the Couche-Tard, saying it undervalues the company. However, it allowed Couche-Tard to submit a revised bid and offered to give nonpublic information to allow the Canadian company to make a revised proposal "that appropriately reflects the value of Caltex [Australia]."

There is no certainty that the talks between the two companies will result in an improved indicative cash price offer or a binding proposal from Couche-Tard, Caltex Australia said.

The announcement comes about a week after Caltex Australia confirmed receiving an unsolicited takeover proposal from British fuel station and convenience store operator EG Group Ltd.