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Caltex confirms unsolicited bid from UK's EG Group

Caltex Australia Ltd. confirmed Jan. 8 that it received an unsolicited takeover offer from British fuel station and convenience store operator EG Group Ltd.

The Australian fuel company's statement follows a report by Bloomberg News Jan. 6, saying EG Group has hired a financial adviser to help it evaluate an offer.

"Caltex confirms it has had approaches from a number of parties, including EG Group, who have indicated that they are potentially interested in making a proposal to acquire Caltex or some of its assets," the company said.

Caltex Australia on Dec. 3, 2019, rejected an A$8.66 billion takeover proposal from Alimentation Couche-Tard Inc., saying it undervalues the company. The Canadian company, which operates convenience stores under a number of brands including Circle K, was allowed to put forward a revised bid, but is yet to submit a new offer.

Caltex Australia's shares rose 1.85% to A$35.70 on Jan. 8.