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| The Pub For General Automotive Related Talk |
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29-08-2009, 10:49 AM
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FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Central Q..10kms west of Rocky...
Posts: 8,308
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It said first-half earnings would enable it to fund from internal cashflow the growth opportunity it sees from its planned buy of Exxon Mobil's Australian retail network.
Exxon is pulling out of the local retail market but keeping its local oil and gas production assets. Caltex plans to pay about $300 million to buy 302 Mobil service station sites, including 46 in Queensland, and has an agreement subject to a ruling from the Australian Competition and Consumer Commission and the Foreign Investment Review Board. The ACCC will look at Caltex's potential market share given its own national network of about 2000 service stations and resellers, including its co-branding arrangement with Woolworths. The Courier Mail ,Business section 29/08/2009. my comment : I hope the ACCC stop this ,as it will lead to market dominance and higher fuel prices. CALTEX won't be doing this to make petrol cheaper for motorists.
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CALTEX to Buy MOBIL
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