Large Shareholder Approves Couche-Tard Acquisition of Statoil

LAVAL, Quebec -- A large Statoil Fuel & Retail ASA shareholder today accepted Alimentation Couche-Tard Inc.'s purchase terms of the Scandinavian and Eastern European convenience store chain. According to Couche-Tard, 77.1 percent of Statoil shareholders have now approved the deal.

Couche-Tard offered 51.20 Norwegian kroner per share, plus an already paid special dividend of 1.80 krone per share of Statoil owned. That equates to a total purchase price of $2.679 billion.

As CSNews Online reported yesterday, Couche-Tard announced it would not improve its purchase price. The operator of 5,817 North American c-stores, including many operating under the Circle K banner in the United States, had sought to achieve a 90-percent approval rate of the acquisition by Statoil shareholders. However, that rule was relaxed by both companies last week.

Couche-Tard did not disclose which large shareholder approved the terms of the offer today.

Couche-Tard reiterated that all Statoil shareholders tendering their shares between June 13 and June 20 are expected to receive a cash settlement by June 25.