Norway’s Statoil Accepts Bid For Statoil Fuel & Retail

By Yomna Yasser On May 23, 2012

Norwegian oil and gas major Statoil ASA STO -1.06% said Wednesday that following the pre-acceptance of the cash offer for Statoil Fuel & Retail ASA from Alimentation Couche-Tard Inc. ANCUF -6.00% , Statoil confirms its formal acceptance of the offer for its 54% of the shares.

Statoil has received no alternative competing offers for its stake in Statoil Fuel & Retail.

The offer from Couche-Tard delivers a premium of 53 % to the closing price of Statoil Fuel & Retail shares on April 17, 2012, the last trading day prior to the announcement of the offer.

Additionally, the offer has been extended and will now expire on May 29, 2012. The extension provides additional time for remaining shareholders to tender their shares to Couche-Tard.

Shares closed Tuesday at NOK140 ($23.61).