Couche-Tard Circles Settlement Dates for Statoil Shares

LAVAL, Quebec -- Alimentation Couche-Tard Inc. is moving forward with its planned acquisition of Statoil Fuel & Retail ASA and has set settlement dates for all shares of the Norwegian company.

Earlier this spring, Couche-Tard made its all-cash offer of 51.20 Norwegian kroner per share, or a total offer price of $2.679 billion. Couche-Tard also paid a special dividend to Statoil of 1.80 kroner per share on May 9, which equates to a total offer price of 53 kroner per share, as CSNews Online previously reported.

According to a release, settlement will occur tomorrow, June 19 for shares tendered as of June 12 at 5:30 p.m. Central European Time (CET) as previously communicated. For shares tendered in the period from June 13 to June 20 at 5:30 p.m. CET, settlement will occur on June 26.

The acceptance level to Couche-Tard's offer had reached 81.24 percent when the company release was issued, it added. The deal for the Scandinavian and Eastern European convenience store chain has hit a few stumbling blocks as Couche-Tard extended its offer several times. Things went smoother last week when a large Statoil Fuel & Retail ASA shareholder accepted the purchase terms on June 12, asCSNews Online reported.

Alimentation Couche-Tard has 5,817 North American convenience stores, including those operating under the Circle K banner in the United States.