Caltex to raise $500m, sell more petrol stations as it waits on suitor

Caltex to raise $500m, sell more petrol stations as it waits on suitor

3 years ago
As per SMH article Fuel retailer Caltex is planning a $500 million capital raising and has offloaded 25 petrol stations for $136 million as it navigates an $8.6 billion takeover bid from a Canadian suitor. Caltex rebuffed suitor Quebec-based Alimentation Couche-Tard’s $34.50-a-share offer on Tuesday, saying it “undervalued” the company. At the same time, it offered Couche-Tard, which is French for ‘night owl’, access to non-public information to allow it to submit a revised bid, […]
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