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HomeMining Industry News BP buys Woolworths fuel business

BP buys Woolworths fuel business

Wednesday 28th of December 2016 01:03:35 PM



After months of receiving indicative proposals from several parties, Woolworths will sell its fuel business to BP for nearly $1.8 billion.

The deal includes its 527 fuel convenience sites and 16 development sites.

Woolworths had been under pressure to preserve capital after its failed home improvement venture Masters saw it post a loss of $1.2 billion in its full year results in August as well as petrol and food sales slumping.

"The release of $1.785 billion from the sale will be used to strengthen our balance sheet and reinvest in our core businesses," Woolworths chief executive Brad Banducci said in a statement to the stock exchange.

"Following extensive evaluation of the proposals received, we decided that BP's proposal met our strategic and broader commercial imperatives and in its entirety provided superior long-term shareholder value."



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