Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Alimentation Couche-Tard Inc.    ATD.B   CA01626P4033

ALIMENTATION COUCHE-TARD INC.

(ATD.B)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Australian takeover target Caltex gets rival bid from Britain's EG Group

share with twitter share with LinkedIn share with facebook
share via e-mail
02/18/2020 | 10:22pm EDT
A Caltex sign is seen at a petrol station in Melbourne

Caltex Australia Ltd said on Wednesday that Britain's EG Group has offered to buy the convenience store, petrol station and refinery firm, rivalling Canada's Alimentation Couche-Tard Inc's twice-improved A$8.80 billion bid.

EG Group offered A$3.9 billion ($2.61 billion) in cash for Caltex's convenience store business and separate shares in a new, listed infrastructure and refinery company made up of Caltex's remaining assets, the Australian firm said in a statement without disclosing the offer's total valuation.

EG Group's external spokesman was not available for comment outside office hours.

The offer from the British retailer comes on the heels of a sweetened A$8.8 billion cash bid last week from Couche-Tard, which the Canadian group said was final in the absence of a superior proposal.

Caltex shares were up 0.93% at A$34.82 on Wednesday, still lower than Couche-Tard's A$35.25 per share all-cash offer, indicating investor doubt over the certainty of the deal.

"We think at this stage Couche remains in the box seat but this situation looks to have plenty left in it to run," research analyst Ben Wilson at RBC Capital Markets said in a note to clients.

Morgan Stanley estimated EG Group's offer could be worth anywhere from A$29.32 a share to A$39.77, depending on the multiple assumed for the refining and fuels and infrastructure businesses.

"The EG Group offer would allow shareholders to maintain exposure to the F&I business which has been growing and is a platform for international growth," Morgan Stanley said in a note.

"On the other hand, it also offers exposure to refining which is highly cyclical and difficult to value."

Analysts at Credit Suisse said it was "not clear" whether EG Group's offer was superior to Couche-Tard's, and that an independent expert assessment of the two bids was required given the different structures of the proposals.

Privately owned EG Group entered Australia in 2018 with the acquisition of supermarket operator Woolworths Group's petrol stations for A$1.7 billion.

EG's proposed separate company, dubbed Ampol, would trade on the Australian Stock Exchange and would include Caltex's existing fuel and infrastructure business and international shipping and trading operations.

Under the deal, shareholders will receive about A$15.62 in cash and one share in Ampol for each Caltex share they hold, Caltex said.

The suitor has indicated that it would also consider buying up to 10% of Ampol for an additional cash consideration, Caltex said in a statement.

Earlier this week, Caltex said it would allow Couche-Tard to conduct additional due diligence, after the Canadian firm raised its buyout offer.

Quebec-based Couche-Tard bumped up its cash offer by 2% to A$35.25 a share in a final attempt to sway the oil refiner and convenience store firm, after reports of EG Group's interest in the company emerged.

EG's offer allows Caltex to continue paying dividends before the deal is implemented, and to pay a fully franked special dividend to shareholders to distribute remaining franking credits.

Caltex said its board was considering EG's proposal.

($1 = 1.4954 Australian dollars)

By Paulina Duran and Sonali Paul

Stocks mentioned in the article
ChangeLast1st jan.
ALIMENTATION COUCHE-TARD INC. -2.90% 32.84 Delayed Quote.-20.31%
CALTEX AUSTRALIA LIMITED 0.00%End-of-day quote.0.00%
CREDIT SUISSE GROUP AG -1.14% 7.626 Delayed Quote.-41.81%
LONDON BRENT OIL 17.55% 34.89 Delayed Quote.-54.97%
MORGAN STANLEY -0.15% 33.85 Delayed Quote.-33.78%
WOOLWORTHS GROUP LIMITED 0.00%End-of-day quote.0.00%
WOOLWORTHS HOLDINGS LIMITED 1.92% 27.6 End-of-day quote.-2.30%
WTI 0.00% 28.79 Delayed Quote.-59.76%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on ALIMENTATION COUCHE-TARD I
03/30ALIMENTATION COUCHE TARD : Couche-Tard and Circle K Enact COVID-19 Emergency Mea..
AQ
03/19GLOBAL MARKETS LIVE: More and more companies make coronavirus announcements
03/18ALIMENTATION COUCHE TARD : Couche-Tard still interested in Caltex Australia desp..
RE
03/18HURRICANES AND FLOODS HAVE PREPARED : Ceo
AQ
03/17ALIMENTATION COUCHE TARD : boosts dividend 12 per cent on higher Q3 profits
AQ
03/17ALIMENTATION COUCHE TARD : 3Q Profit Rises on Higher Revenue
DJ
03/17ALIMENTATION COUCHE TARD : Canada's Couche-Tard results beat on higher fuel sale..
RE
03/17ALIMENTATION COUCHE TARD : Announces its Results for its Third Quarter of Fiscal..
AQ
03/12ALIMENTATION COUCHE-TARD INC. : quaterly earnings release
03/06ALIMENTATION COUCHE TARD : Joins Ceo Action Pledge Furthering its Commitment to ..
PR
More news
Financials (USD)
Sales 2020 55 925 M
EBIT 2020 2 822 M
Net income 2020 1 957 M
Debt 2020 6 105 M
Yield 2020 0,90%
P/E ratio 2020 13,8x
P/E ratio 2021 14,4x
EV / Sales2020 0,59x
EV / Sales2021 0,61x
Capitalization 26 868 M
Chart ALIMENTATION COUCHE-TARD I
Duration : Period :
Alimentation Couche-Tard I Technical Analysis Chart | ATD.B | CA01626P4033 | MarketScreener
Technical analysis trends ALIMENTATION COUCHE-TARD I
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Average target price 30,41  $
Last Close Price 23,93  $
Spread / Highest target 41,0%
Spread / Average Target 27,1%
Spread / Lowest Target 15,1%
EPS Revisions
Managers
NameTitle
Brian P. Hannasch President, Chief Executive Officer & Director
Alain Bouchard Executive Chairman
Darrell Davis Executive Vice President-Operations North America
Claude Tessier Chief Financial Officer
Deborah Hall Lefevre Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
ALIMENTATION COUCHE-TARD INC.-20.31%26 286
WALMART INC.0.54%321 803
SEVEN & I HOLDINGS CO., LTD.-0.03%29 340
SM INVESTMENTS CORPORATION4.20%19 371
AVENUE SUPERMARTS LIMITED2.36%18 932
YONGHUI SUPERSTORES CO., LTD.0.00%13 597