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BRIEF-Woolworths Ltd announces sale of fuel business to BP for $1.79 billion

Published 28/12/2016, 08:32 am
© Reuters. BRIEF-Woolworths Ltd announces sale of fuel business to BP for $1.79 billion
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Dec 28 (Reuters) - Woolworths Ltd WOW.AX :

* Announces sale of fuel business and strategic partnership

* On 24 Dec entered into binding agreements to facilitate sale of its 527 Woolworths-owned fuel convenience sites and 16 committed development sites to BP (LON:BP) for $1.785 billion

* Sale of fuel business is not expected to have a material impact on woolworths group earnings

* Transaction is subject to customary closing conditions including BP obtaining Australian Competition and Consumer Commission (ACCC) and FIRB

* Woolworths and BP plan on entering into a long-term strategic partnership

* To preserve and expand 4CPL fuel discount offer, parties will enter into a minimum 10-year redemption agreement

* Woolworths and BP will commit to maintain and equally fund issuance of 4CPL fuel discount vouchers under same conditions as today Source text for Eikon: ID:nASX2Qc69 Further company coverage: WOW.AX

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