Statoil Completes Divestment of Statoil Fuel & Retail
OREANDA-NEWS. June 19, 2012. Statoil ASA has today received full settlement in cash after divesting its 54 % stake in listed energy and retail company Statoil Fuel & Retail ASA to Alimentation Couche-Tard.
The proceeds for Statoil's shares are NOK 8.3 billion (USD 1.4 billion) after adjustments for dividend. Net income from the sale is in the range of NOK 5.5-6.0 billion (USD 0.9-1.0 billion).
Statoil chief financial officer Torgrim Reitan says: "We are pleased to successfully complete this transaction at an attractive price. This frees up capital for investments in our core business as we forcefully pursue our strategy to streamline Statoil as a technology focused upstream energy company," says Reitan.
As a result of the transaction, Statoil Fuel & Retail will no longer be consolidated in Statoil ASA's accounts.
"In addition to delivering an attractive price, it is important for Statoil that Couche-Tard is a strong industrial buyer that will enable Statoil Fuel & Retail to pursue its strategy under new and long term industrial ownership. This transaction provides a good outcome for Statoil, for Couche-Tard and for Statoil Fuel & Retail and its customers, management and employees," says Reitan.
Statoil Fuel & Retail holds a non-exclusive right to use the Statoil name until 30 September 2019, in line with the agreement entered into at the time of the IPO. Statoil Fuel & Retail is also the beneficial owner of the droplet logo.
As part of a range of transitional services being provided, Statoil will continue to provide operational support services for a specified period of time. Key commercial agreements, including sale of refined oil products, will also continue.