Jun 21, 2018

BP walks away from A$1.8bn takeover of Woolworths petrol stations

BP scrapped a proposed A$1.8bn takeover of Woolworths' petrol and convenience store business in Australia on Thursday following opposition from competition authorities. BP has a retail network that spans 19 countries and the Woolworths transaction, which was announced in December 2016, was due to become the group's largest downstream acquisition in more than a decade. The company pioneered its retail partnership model in the UK, where about 300 of its petrol stations include Marks and Spencer food shops, and has sought similar tie-ups in other markets. A BP spokesman told the Financial Times that the group remained committed to its downstream fuels marketing growth strategy and the plans it had laid out to 2021, in spite of the collapse of the Woolworths takeover. Woolworths said in a statement it was "Engaging actively with alternative options for its petrol business".

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