BP Gets EUR180 Million Offer For French Retail Fuels, Convenience Operations

Oil major BP PLC (BP.LN) said Thursday it has received an offer from Delek Europe B.V., a fuel retailer in Europe and a subsidiary of the Delek Group, to buy its French retail fuels and convenience business including selected fuels terminals for about EUR180 million in cash.

MAIN FACTS:

-The proposed purchase price of EUR180 million is subject to working capital adjustments.

-On receipt of the offer to buy BP's 416 petrol stations in France, BP has entered into a period of exclusivity with Delek Europe and has started talks with the relevant works councils.

-The sale would also include interests or ownership in three fuel distribution depots and it is expected to include a long term agreement for acceptance of fuel cards.

-The proposed transaction is currently expected to be completed in the second half of this year.

-Any final transaction will be subject to works councils and regulatory approvals.

-As well as an agreement for BP branding to remain on the forecourts for a number of years under a licensing agreement, BP would also continue to supply fuel including premium BP Ultimate fuels under a supply agreement.

-If the offer is accepted and the deal is approved then BP would still continue to retain a significant presence in France through its business to business fuels, bitumen, lubricants and aviation businesses.

-Staff currently working for the retail business would transfer to the new owner.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; [phone]; [e-mail]