Exxon's Canadian Unit Sells Gas Stations for $2.1 Billion
09 Mars 2016 - 12:20AM
Dow Jones News
CALGARY, Alberta—The Canadian unit of Exxon Mobil Corp. said
Tuesday it has agreed to sell its remaining company-owned retail
gas stations in Canada to five fuel distributors.
Imperial Oil Ltd. said the deal for 497 Esso-branded outlets
across Canada is worth 2.8 billion Canadian dollars ($2.1 billion).
The transaction is expected to close at the end of the year subject
to regulatory approvals.
The buyers include Alimentation Couche-Tard Inc. for stations in
Ontario and Quebec, 7-Eleven Canada Inc. for sites in Alberta and
British Columbia, Harnois Groupe pé trolier Inc. for sites in
Quebec, Parkland Fuel Corp. for Saskatchewan and Manitoba and
Wilson Fuel Co. for sites in Nova Scotia and Newfoundland.
"We believe these agreements represent the best way for Imperial
to grow in the highly competitive Canadian fuels marketing
business," Imperial Chief Executive Rich Kruger said in a
statement.
The stations involved in the deal are among 1,700 Esso retail
outlets in Canada that are supplied by Imperial, which acts as a
wholesaler.
The deal concludes a sale process that Imperial initiated early
last year.
Write to Chester Dawson at chester.dawson@wsj.com
(END) Dow Jones Newswires
March 08, 2016 18:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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